QualityStocks would like to highlight Strategic American Oil Corp. (OTCBB: SGCA). Strategic American Oil 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 under-explored areas.
In the company’s news yesterday, Strategic American Oil Corp. announced that it has successfully reworked and increased production from its State Tract 343 No.18 well located in the North Point Bolivar Field in Galveston Bay, Texas.
Well production has more than doubled its original daily rate since the rework operation, resulting in additional monthly revenue of approximately $30,000 to the company. According to the press release, the company has many more wells awaiting re-completion or rework and is already executing its plan to bring on the latent production.
Management anticipates increasing the company’s production beyond 1,000 barrels of oil equivalent per day (boepd) by the end of this year. This is in addition to any potential production increases from drilling activities and new acquisitions, which alone could far surpass management’s goal.
“This is yet another example of the abundant low hanging fruit we have internally, apart from our larger drilling projects and acquisition opportunities. This operation, although relatively small, will pay for itself in a matter of weeks and is expected to produce for many years, underscoring our strategy of pursuing projects that have attractive returns on investment,” stated Jeremy G. Driver, President and Chief Executive Officer of Strategic American Oil Corporation.
Strategic American Oil told investors that it will continue to provide updates pertaining to its development programs as information becomes available.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
