CORPUS CHRISTI, Texas, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) (the "Company") is pleased to announce it has identified an additional oil zone on its Waterflood #1 (WF1) leased acreage in the Illinois Basin which the Company believes it can develop through primary recovery methods.
This primary production target zone is located at depths above 3,000 feet. The Company has leased approximately 500 acres over the WF1 in an effort to develop a waterflood recovery program to produce from a secondary oil zone identified through records made available by the Illinois State Geological Survey (ISGS). The Company will work to develop this new oil zone identified on its leased acreage through primary recovery efforts by drilling to evaluate the prospective subsurface geology.
Company President and CEO, Jeremy Driver, stated, "It is encouraging to find an additional oil zone through our research of the records made available to us through the ISGS. This independent oil zone located on our leased WF1 acreage, which we believe we can extract through primary recovery methods, adds that much more value to our leasing and development efforts. We are now moving forward with our next stage of exploration to develop our Illinois Basin land package."
Illinois has historically produced over 3 billion barrels of oil and the ISGS records indicate another 4 billion recoverable barrels exist. The Strategic American Oil team in Illinois, lead by Chief Geologist Jim Thomas who has over 35 years experience working in the Illinois Basin, is continuing to make progress in finding and leasing new attractive targets, furthering our business model of developing prospects in-house to build the Company's oil reserves and increase production. The Company will continue to review and evaluate data from the Illinois State Geological Survey to identify new drilling prospects with the goal of making new oil field discoveries."
About Strategic American Oil Corporation
Strategic American Oil Corporation (OTCBB:SGCA) is a growth stage oil and natural gas exploration and production company with operations in Texas, Louisiana, and Illinois. The Company's team of geologists, engineers, and executives leverage 3D seismic data and other proven exploration and production technologies to locate and produce oil and natural gas in new and underexplored areas. The Company seeks accretive acquisitions of production, reserves, or other companies that will provide significant growth potential. Further information can be found on the Company's website at .
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Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
CONTACT: Strategic American Oil Corporation 600 Leopard Street, Suite 2015 Corpus Christi, Texas 78401 www.strategicamericanoil.com Investor Awareness, Inc. Investor Relations: Tony Schor James Foy 847-945-2222 www.InvestorAwareness.com