Strategic Oil & Gas Ltd. Enters Into a Definitive Agreement to Acquire Additional Maxhamish Interests

Strategic Oil & Gas Ltd. (TSX VENTURE:SOG) announced it has entered into a purchase and sale agreement with its partner to acquire a major Canadian independent energy corporation’s remaining 35% working interest in the Maxhamish, northeast British Columbia oil resource play, for a total purchase price of $13.0 million.

The press release is quoted as saying:

Strategic will pay approximately $5 million cash (excluding adjustments) to acquire the additional 13.5% working interest in the lands at Maxhamish. The purchase price will be paid out of currently available working capital. The acquisition includes 21,500 net acres (>30 sections) of undeveloped land, 7 oil wells (representing 60 boe/d of production net to Strategic), related facilities, an oil pipeline and a road to connect the area to the all year round Liard Highway.

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