Strategic Oil & Gas Ltd. Announces $5 Million Bought Deal Flow Through Share Financing and Provides Update on Operations
Strategic Oil & Gas Ltd. (CVE:SOG) enters into a financing agreement with Macquarie Capital Markets Canada Ltd., to issue and sell on a “bought-deal” basis, 4,500,000 Common Shares.
Strategic Oil & Gas Ltd. (TSXV:SOG) enters into a financing agreement with Macquarie Capital Markets Canada Ltd., to issue and sell on a “bought-deal” basis, 4,500,000 Common Shares.
The press release is quoted as saying:
Strategic has recently entered into a farm-in arrangement (“the Farm-in”) with an intermediate oil and gas company. The terms of the Farm-in provide for Strategic to drill a minimum of two wells in an oil bearing region of northern Alberta. The first of the two wells was recently spud, with the second location to be drilled before mid-January of 2011. It is anticipated that these wells will qualify as Canadian exploration expenditures.