CALGARY, ALBERTA–(Marketwired – Dec. 22, 2016) – Strategic Oil & Gas Ltd. (“Strategic”, or the “Company”) (TSX VENTURE:SOG) announces that the Company has closed its recently announced non-brokered private placement (the “Private Placement”).
The Company issued a total of 337 million common shares at a price of $0.12 per common share for gross proceeds of $40.4 million. Shares issued are subject to a hold period expiring April 24, 2016. Proceeds from the Private Placement will be applied to the execution of the Company’s $30 million capital program for the first half of 2017. Capital will be directed primarily to drill six Muskeg wells at Marlowe adjacent to the wells drilled during 2016. The capital program also includes building road and pipeline to tie-in the 14-35 Muskeg well. Strategic is well positioned to execute on this 2017 program while delivering continued efficiencies and cost savings, which are expected to be repeatable. Anticipated production exiting the first half of 2017 is 4,000 boe/d.
ABOUT STRATEGIC OIL & GAS
Strategic is a junior oil and gas company with a dominant land position in Canada. The Company is committed to building a premier oil producer through its high-quality, concentrated reserve base, and constructing an operated integrated sales infrastructure to support the Company’s significant future growth. Strategic’s common shares trade on the TSX Venture Exchange under the symbol SOG.