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Strategic Oil & Gas Ltd. Announces Closing of Acquisition of Additional Maxhamish Interests
Oct. 05, 2010 05:14PM PST
Oil and Gas InvestingStrategic Oil & Gas Ltd. (CVE:SOG) announced that it has completed the acquisition with its partner of the remaining 35% working interest in the Maxhamish, northeast British Columbia oil resource play, for a total purchase price of $13.0 million ($5.0 million net to Strategic) from a major Canadian independent energy corporation.
Strategic Oil & Gas Ltd. (TSXV:SOG) announced that it has completed the acquisition with its partner of the remaining 35% working interest in the Maxhamish, northeast British Columbia oil resource play, for a total purchase price of $13.0 million ($5.0 million net to Strategic) from a major Canadian independent energy corporation.
The press release is quoted as saying:
With the closing, the current farmout agreement with respect to the Property has been eliminated providing Strategic with an undivided 38.5% working interest in all the lands (> 26,000 net acres) in the Maxhamish area. The purchase price was paid out of available working capital. The effective date of the acquisition was August 1, 2010.
Click here to access the entire press release
Click here to access Strategic Oil & Gas Ltd. Corporate Site