CORPUS CHRISTI, Texas, May 15 /PRNewswire-FirstCall/ -- Strategic American Oil Corporation (BULLETIN BOARD: SGCA) (the "Company"), an exploration and production company focusing on developing oil and gas resources in the United States, is pleased to announce that the Company's common shares recently commenced trading on the FINRA Over-The-Counter Bulletin Board.
The Company currently produces oil and gas from wells in Texas and Louisiana, and with an experienced team that includes technical expertise in oil and gas operations, business management and financing, the Company believes that it is in a position to find and acquire additional projects of merit and develop these projects to their full potential. The Company aims to achieve vertical growth through the drilling of high quality prospects combined with the continued acquisition of proven producing properties.
"The commencement of trading on the capital markets in the United States is a key milestone for Strategic American Oil," states Randall Reneau, President and CEO. "As a public company we are able to access the capital necessary to fund our business plan of lease acquisitions and exploration and developmental drilling. The Company has previously demonstrated a realistic ability to leverage limited resources into acquisitions which have the potential of increasing the Company's current property reserve base. We are proud of the fact that the Company has generated revenue from its operations in South Texas and Louisiana early in its first full fiscal year while minimizing debt."
The Company
The Company believes it has built an excellent foundation upon which to pursue ongoing growth, specifically:
Management
The Company draws on the experience and expertise of its team of geologists, engineers, and executives. Led by President and CEO, Randall Reneau, who most recently was the co-founder, Principle Geologist, Chief Exploration Officer and the initial driving force who developed the uranium property portfolio for Uranium Energy Corp. Mr. Reneau is a certified geologist with over 35 years of oil and gas and resources exploration and development experience.
Vice-President of Operations, Steven Carter, is a registered professional engineer with 25 years of management and engineering experience in oil and gas exploration, production operations, reservoir management and drilling. Mr. Carter served as Operations Manager and Operations Engineer for T-C Oil Company, from 1990 to June 2003, where he managed significant production, supervised drilling, provided economic evaluations and designed project workovers, as well as performing numerous other engineering services. In July 2003, Mr. Carter started Carter E&P, LLC, an independent oil and gas company, where he has worked from 2003 to the present.
Senior Landman and director, Leonard Garcia, has over 30 years experience in oil and gas title research, lease negotiations and acquisitions, contracts, exploration and production. Mr. Garcia worked under contract for various companies, including Uranium Energy Corp., Harkins & Co., Sun Oil Company, Oryx Energy Co., Texaco, Monsanto Exploration and Production Company, and Trans Texas Energy, Kerr McGee Oil and Gas Corp. and Mestena Operating, Ltd.
Chief Geologist, Jim Thomas, came to the Company with extensive Illinois Basin exploration and production experience. In addition to working as a petroleum geologist in the Basin, he also obtained both his B.S. ('68) and M.S. ('73) degrees (Geology) from Southern Illinois University. Mr. Thomas has significant additional exploration and production experience in South Texas. Previously, Mr. Thomas worked with several exploration and production companies, including Everest Exploration and Atlantic Richfield.
Production
The Company has been able to further its lease acquisition program in key oil producing areas while minimizing share dilution by utilizing production revenue from its operations in Texas and Louisiana.
Property Profile
The Company now holds over 14,000 gross acres of developed and undeveloped leases in Texas, Louisiana, Oklahoma and Illinois. We now have approximately 2,000 net acres of undeveloped leases in the Illinois Basin. The Company's Illinois leases are nearly all 87.5% net return interest with up to seven potential zones to approximately 4000 feet in depth. These are two very attractive reasons why we see the oil fields of Illinois as an opportunity for low risk/low cost production with strong returns.
Vision
While the past few months have been difficult in all sectors, including the oil and gas sector, we are optimistic about an upward trending for oil prices for 2009 and strongly believe that the United States has a strong future in the development of its own oil and gas resources. We see the Company playing an important part in that development.
Acquisition Targets
The Company has identified several high value targets for acquisition with significant potential for oil and gas production. We will move to acquire these prospects in the coming months.
Mr. Reneau continues, "These examples listed above are just some of the areas the Company is striving to pursue. The United States has significant oil and gas reserves waiting to be brought to the market place, and with our focus and the execution of our business plan, we aim to be at the forefront of that endeavor."
About Strategic American Oil Corporation
Strategic American Oil Corporation (SGCA) is an oil and gas exploration, acquisition, and production company focusing on developing oil resources in the United States.
For further information please contact: Suite 2015, 600 Leopard Street Corpus Christi, Texas, 78473 Phone: (800) 643-5815 Safe Harbor Statements
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of oil or gas resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the oil and gas industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at http://www.sec.gov/). Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company's filings with the SEC, such as the ability to obtain additional financing, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Strategic American Oil Corporation
CONTACT: Strategic American Oil Corporation, 1-800-643-5815
Web Site: http://www.strategicamericanoil.com/
