Strategic Oil & Gas Ltd.
TSX VENTURE : SOG

January 15, 2008 18:07 ET

Strategic Oil & Gas Ltd.: Private Placement and Acquisition Announced

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Strategic Oil & Gas Ltd. ("Strategic" or the "Company") (TSX VENTURE:SOG) wishes to announce that it will, subject to regulatory approval, increase its previously announced private placement by $2,000,000 to total gross proceeds of $4,000,000. Each unit to be issued at $0.40 per unit consists of one common share and one half of a warrant. Each whole warrant will entitle the holder to subscribe for an additional common share for $0.60 for 12 months from closing.

A combination of funds raised to date from this private placement and bank debt was used to fund the acquisition of a 5% working interest in approximately 160,000 acres in northwestern Alberta, including infrastructure and current production. The balance of the funds from this private placement will be used in respect to the Company's ongoing winter drill program, additional acquisitions and for general working capital.

Certain information regarding the Company contained herein may constitute forward looking statements. Forward looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward looking statements. The Company's forward looking statements are expressly qualified in their entirety by this cautionary statement.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Strategic Oil & Gas Ltd.
    Arn Schoch
    President
    (604) 685-1349 or Cell: (604) 780-9810
    Email: arn@helix.net