CALGARY, ALBERTA–(Marketwired – Nov. 1, 2013) – STRATEGIC OIL & GAS LTD. (TSX VENTURE:SOG) (“Strategic” or the “Company”) is pleased to announce that the expansion and reconfiguration of the Company’s oil battery and gas processing plant at Steen River (the “9-17 battery”) is complete. Production being processed through the 9-17 battery was shut in since construction began on October 16, 2013 and will be brought back on production over the next couple of days.
The completion of the project will eliminate fluid handling constraints, reduce operating expenses and accommodate future growth in light oil production at Steen River. The expansion has increased the oil processing capacity at Steen River to 8,500 BOPD. The 9-17 battery expansion is a key aspect of Strategic’s growth strategy.
Strategic is a junior oil and gas company committed to growth by exploiting its light oil assets in Canada. Strategic’s common shares trade on the TSX Venture Exchange under the symbol SOG.
This news release includes certain information, with management’s assessment of Strategic’s future plans and operations, and contains forward-looking statements which may include some or all of the following: (i) anticipated production rates and timing of production; (ii) expected fluid handling rates; (iii) expected timelines for production optimization; (iv) expected results of capital programs; and (v) expected future capital projects and associated operating and transportation cost reductions; which are provided to allow investors to better understand the Company’s business. By their nature, forward-looking statements are subject to numerous risks and uncertainties; some of which are beyond Strategic’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, changes in environmental tax and royalty legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources, and other risks and uncertainties described under the heading ‘Risk Factors’ and elsewhere in the Company’s Annual Information Form for the year ended December 31, 2012 and other documents filed with Canadian provincial securities authorities and are available to the public at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The principal assumptions Strategic has made includes security of land interests; drilling cost stability; royalty rate stability; oil and gas prices to remain in their current range; finance and debt markets continuing to be receptive to financing the Company and industry standard rates of geologic and operational success. Actual results could differ materially from those expressed in, or implied by, these forward-looking statements. Strategic disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Gurpreet Sawhney, MBA, MSc., PEng.
President and CEO
Strategic Oil & Gas Ltd.
Sean Hayes, PhD, PGeol
Chief Operating Officer