Strategic Oil & Gas Ltd.

December 19, 2008 14:45 ET

Strategic Oil & Gas Ltd.: Amendment of Private Placement Terms Announced

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2008) - Strategic Oil & Gas Ltd. ("Strategic" or the "Company") (TSX VENTURE:SOG) wishes to announce that it has, subject to regulatory approval, amended the terms of its previously announced private placement (December 12, 2008). It now intends to undertake a non-brokered private placement of up to $1,500,000 in flow-through proceeds by the issue of up to 3,750,000 shares at $0.40 per share. Proceeds will be used to meet planned drilling expenses.

About Strategic

Strategic is a junior oil and gas company with producing properties located in Northeast and Central Alberta. Production is currently approximately 200 boe/d, with additional production expected to be brought on stream during the 4th quarter of 2008. Strategic currently has a domestic 4 well drill program planned for the next 6 months and has recently announced a proposed transaction to acquire an interest in a farm out agreement covering approximately 1,369,552 acres (5,543 sq. km) offshore of Gabon.

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
    (604) 685-1349 or Cell: (403) 870-1245