CORPUS CHRISTI, Texas, July 31 /PRNewswire-FirstCall/ -- Strategic American Oil Corporation (BULLETIN BOARD: SGCA) ; (the "Company") is pleased to announce it has received its fourth 3D seismic survey from Echo Geophysical Corporation. The Ricardo survey covers 33.60 square miles in Kleberg County, Texas, and is located to the North of the Company's Kenedy County 172 sq. mile survey. The Ricardo survey is located within a portion of the prolific Frio Sand trend and lies just North of Manti Operating Company's Loyola Beach discovery which, according to the Texas Railroad Commission's records, has produced more than 7 Billion Cubic Feet of gas and 400,000 barrels of oil to date. Mr. Bob Bennett, a Corpus Christi geophysicist with over 20 South Texas discoveries to his credit, assisted the Company in the selection of this survey.
Randall Reneau, President and CEO stated, "The addition of this 3D survey enhances the Company's exploration position in this prolific South Texas, Frio Sand trend which is one of the larger producing oil and gas trends in Texas. As seen through the evaluation of our first 3D seismic survey of a 172 square mile shoot in Kenedy County, which identified an anticlinal structure with 4-way closure covering portions of six sections, these 3D seismic surveys will greatly aid in the development of additional drilling prospects in an area of proven multiple Billion Cubic Feet gas discoveries. As an oil and gas exploration company, we understand the importance of utilizing today's increasingly sophisticated 3D seismic surveys to enhance our chances of discovering and developing economic oil and gas wells which add to our proven developed producing reserves and increase our daily production."
The Company plans to continue to acquire additional 3D seismic surveys to further its goal of developing a quality portfolio of in-house drilling prospects..
3D seismic is a key tool in Strategic American Oil's exploration plans for discovering new oil and gas reserves along the gulf coast. 3D surveys allow the company to better define prospective oil/gas structures and identify drilling locations thus increasing chances for successful wells. Seismic surveys have become the number one prospecting tool in today's oil and gas exploration industry and are utilized by major oil and gas companies throughout the world.
About Strategic American Oil Corporation
Strategic American Oil Corporation (OTCBB: SGCA) is an exploration and production company with operations in Texas, Oklahoma, Louisiana, and Illinois. The company draws on an internationally recognized team of geologists, engineers, and executives with extensive oil and gas exploration and production experience. The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.
http://www.strategicamericanoil.com/ 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.
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Strategic American Oil Corporation
CONTACT: Strategic American Oil Corporation Investor Relations,
1-800-643-5815
Web Site: http://www.strategicamericanoil.com/
