Houston based oil and gas exploration and production company Strategic American Oil leverages 3D seismic data and other technologies to locate and produce oil in new and underexplored domestic locations. But the key to their strategy is the focus on known domestic reserves, including projects in Texas, Louisiana, and Illinois, potential that has become viable over the past several years due to the rise in oil prices. Strategic seeks accretive acquisitions of production, reserves, or other oil/gas companies that have the highest potential.
The company’s multi-tier growth plan includes the following:
• In-house development of salable drilling prospects retaining a carried interest to casing point
• Drilling of offset wells retaining a majority of the working interest
• Development of secondary recovery (waterflood) projects
• Increase production by re-working currently producing or previously producing wells
• Development of proven undeveloped zones (behind pipe) in existing wells.
• Acquiring currently producing oil and gas wells
• Completion of in-house 3D seismic projects and acquisition of 3D data where warranted and available
Strategic plans to continue leasing, drilling, and acquiring projects at various stages of development to increase revenue and grow its core reserves. The company is currently producing oil and gas, plus has proven reserves in Texas and Louisiana.
They recently announced the acquisition of Galveston Bay Energy, generating a significant increase in cash and oil production. An Engineering Report from Ralph E. Davis Associates, Inc. estimates net proved reserves of 979,000 barrels of oil and 13 Bcf (billion cubic feet) of natural gas, which translates to approximately $75.3 million undiscounted, or $54.6 million discounted at 10 percent, in net Proved Reserves.
The company has also leased land positions hosting previously producing wells with the goal of utilizing proven technologies, including Waterflood Recovery, to restart production. Targets have been identified through the use of various databases, including 3D seismic surveys, the Texas Railroad Commission database, and the Illinois Geological Survey.
For additional information, visit www.StrategicAmericanOil.com
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