Strategic Oil & Gas Closes Core Area Acquisition
Strategic Oil & Gas Ltd. (SOG.V) has closed its previously announced acquisition of certain assets in Strategic's core area at Steen River, Alberta, for cash consideration of approximately $23.6 million, effective as of December 1, 2012.
Strategic acquired a 100% working interest in 340 boe/d (83% light oil) of production and over 26 net sections of highly prospective land contiguous to Strategic's land position at Steen River. The acquisition also includes significant pipelines, facilities and roads that are strategic to the Company and provides an immediate increase in efficiencies in current operations, coupled with a decrease in future infrastructure capital costs, Strategic said in a statement.
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