Strategic Oil & Gas Ltd. Announces 2010 Year End Results

Strategic Oil & Gas Ltd. (TSXV:SOG) reports the company’s financial results for the year ended December 31, 2010.

The press release is quoted as saying:

Net income of $5.3 million ($0.06 per share) for the year ended December 31, 2010, versus a loss of $3.9 million ($0.10 per share) for the year ended December 31, 2009. Drilled, completed and tied in two horizontal multi-stage frac wells at Maxhamish. Bought out the farmout on the Maxhamish property from Encana Corporation with its partner (Legacy Oil + Gas Inc.) for $13.0 million ($5.0 million net to Strategic), resulting in a current undeveloped land position of over 100 sections of which Strategic has a 38.5% working interest. Acquired Steen River Oil & Gas Ltd., a company with over 100 sections of undeveloped land, production capability of 600 boe/d (2/3 light oil), facilities and tax pools of $120 million for consideration of $14.0 million. Commenced 2011 development program at Steen River and Maxhamish.

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