Strategic American Oil Corp. (SGCA) is an oil and natural gas exploration and production company with operations in Texas, Louisiana, and Illinois. Through the recent acquisition of Galveston Bay Energy, the company has significantly increased its existing increased oil and gas production as well as cash flow. In addition to advancing its current projects, Strategic American Oil continues to seek accretive acquisitions of production, reserves or other companies with promising prospects.
To date, Strategic American Oil has established a land portfolio with an aggregate gross 5,236 developed and undeveloped acres in Texas and Illinois alone. With this acreage, the company has identified new exploration targets and is applying advanced technology to maximize production. The company has also leased land positions hosting previously producing wells with the goal of enhancing or reestablishing production.
In September 2011, the company acquired SPE Navigation I, LLC, which included over $4 million in liquid assets and a $10 million working capital bank line, in exchange for 95 million restricted shares of common stock. The previous owners, who founded and developed Hyperdynamics Corp. (NYSE: HDY), now own an even greater stake in Strategic American Oil. To date, these owners have provided more than 70% of the company’s capital for acquisitions and are committed to long term shareholder value.
Strategic American Oil is aggressively leasing, drilling, and acquiring projects at various stages of development to become a mid-tier U.S. oil and gas developer. The company is currently producing oil and gas, and making significant progress on its keystone projects in Texas and Illinois. Leveraging its technical expertise, promising portfolio and strong financial condition, the company is in an advantageous position to experience remarkable growth in the near term future.
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