Strategic Oil & Gas Tests Five New Muskeg Wells and Announces First Quarter 2017 Financial and Operating Results

Strategic Oil & Gas Ltd. (“Strategic” or the “Company”) (TSXV:SOG) announces results from its first quarter drilling program and reports financial and operating results for the three months ended March 31, 2017.

As quoted in the press release:

Highlights for the first quarter include:

  • Strategic tested five new Muskeg horizontal wells which are still cleaning up and have recovered approximately 50% of the completion fluids.

  • Test rates from the newly drilled wells over a 48 hour period ranged from 300 boe/d to 800 boe/d (80% oil). Once tied-in, production from the new wells will be limited by pipeline pressure to approximately 1,500 boe/d.

  • Funds from operations increased 44% to $2.4 million from $1.7 million for the fourth quarter of 2016;

  • Closed a private placement of 2.4 million common shares for net proceeds of $5.3 million, further improving the Company’s cash position;

  • Working capital at March 31, 2017 was $38.6 million.

Click here for the full text release

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