Strategic American Oil Corporation (OTC:SGCA) has announced that it has identified a second potential waterflood target in the Illinois Basin. The land is position in an oil field that that could host significant reserves through Waterflood Recovery. The oil field previously produced 1.8 million barrels of oil.
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The company was also able to expand its 500 acre estimate to 1,325 acres for the Waterflood Target. It currently leases 550 acres of the field. In charge of the company’s Illinois operations is Chief Geologist Jim Thomas, with thirty years of experience in the Illinois Basin, and a BS and MS from South Illinois University.
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