CALGARY, Alberta, Feb. 01, 2018 (GLOBE NEWSWIRE) — Strategic Oil & Gas Ltd. (“Strategic” or the “Company”) (TSX-V:SOG) is pleased to provide an update on the Company’s operations. Strategic recently drilled two Muskeg horizontal wells as part of its winter 2018 capital spending program. The wells were drilled higher in the Muskeg pay zone relative to the wells drilled in 2017 and the Company employed a monobore technology to reduce average drilling costs by $0.2 million per well compared to last year. Completion operations on both wells are scheduled to commence in February.
With respect to the Company’s outstanding convertible debentures, Strategic has elected to pay the interest in kind for the semi-annual interest payment due on February 28, 2018. Approximately $4.1 million in additional debentures will be issued, which will be convertible into common shares of Strategic at a conversion price of $1.08 per common share, subject to approval from the TSX Venture Exchange.
ABOUT STRATEGIC OIL & GAS
Strategic is a junior oil and gas company committed to becoming a premier northern oil and gas operator by exploiting its light oil assets primarily in northern Alberta. The Company relies on its extensive subsurface and reservoir experience to develop its asset base and grow production and cash flows while managing risk. The Company maintains control over its resource base through high working interest ownership in wells, construction and operation of its own processing facilities and a significant undeveloped land and opportunity base. Strategic’s primary operating area is at Marlowe, Alberta. Strategic’s common shares trade on the TSX Venture Exchange under the symbol SOG.
