Strategic Oil & Gas Ltd.
TSX VENTURE : SOG

March 14, 2008 17:27 ET

Strategic Oil & Gas Ltd.: Final Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2008) - Strategic Oil & Gas Ltd. (TSX VENTURE:SOG) ("Strategic" or the "Company") wishes to announce that it has closed its current private placement.

Further to the Company's January 15, 2008 and January 30, 2008 press releases, the Company has raised a total of $1,007,500 (2,015,000 shares) in flow-through proceeds and $2,410,000 from the sale of 6,025,000 units for a total amount raised of $3,417,500. Each unit consists of one share and one half of a warrant exercisable for 1 year from closing at $0.60. A total of $206,700 plus 34,500 units were paid in commissions. Net proceeds will be used as working capital, to meet planned drilling expenses and for possible acquisitions.

2,530,000 units ($1,015,000) were issued on the final closing of this private placement. The Company paid commissions totalling $23,750 plus 34,500 units in respect to this closing. Shares issued pursuant to this closings are subject to trading restrictions to July 10, 2008.

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
    Cell: (604) 780-9810
    Email: arn@helix.net