Strategic American Oil Corporation Receives Two Additional 3D Seismic Surveys From Echo Geophysical Corporation
Corpus Christi, TX /PRNewswire-FirstCall/ -- Strategic American Oil Corporation (OTC Bulletin Board: SGCA; the "Company") is pleased to announce it has received two additional 3D seismic surveys from Echo Geophysical Corporation. The first of the two surveys covers 25.58 square miles in Refugio County, Texas, and the second survey covers 26.47 square miles also in Bee/Refugio County, Texas. Consulting geophysicist Bob Bennett will begin evaluation of the two additional surveys shortly. Mr. Bennett has completed his review of the 172 sq. mile South Texas 3D seismic data and identified a anticlinal structure with 4-way closure covering portions of six sections. The Company will endeavor to retain a carried working interest (25%) to casing point in each prospect developed and drilled in addition to recouping the cost of the seismic data. Mr. Bennett has a successful history of finding economic oil reserves through the his 3D seismic work.
Randall Reneau, President and CEO stated, "Access to these 3D seismic databases is continuing to add value to Strategic American Oil. As we found with the first database acquired, the potential to discover overlooked structures likely to contain oil and gas reserves is excellent. These databases allow us to identify targets with great accuracy and develop exploration programs with the goal of increasing the company's oil & gas production and reserves."
3D seismic is a key tool in Strategic American Oil's exploration plans for discovering new oil and gas reserves along the gulf coast. 3D surveys allow the company to better define prospective oil/gas structures and pinpoint drilling locations thus increasing chances for successful wells. Seismic surveys have become the number one prospecting tool in today's oil and gas exploration industry and are utilized by major oil and gas companies throughout the world.
About Strategic American Oil Corporation
Strategic American Oil Corporation (OTCBB: SGCA) is an exploration and production company with operations in Texas, Oklahoma, Louisiana, and Illinois. The company draws on the experience of an internationally recognized team of geologists, engineers, and executives with extensive oil and gas exploration and production experience. The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.
Safe Harbor Statements 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 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 oil or gas 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 oil and gas 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.
Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at www.sec.gov). Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company's filings with the SEC, such as the ability to obtain additional financing, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE Strategic American Oil Corporation
Copyright [2009] PR Newswire. All Rights Reserved
Copyright 2009 PR Newswire. All Rights Reserved