LAS VEGAS, June 8, 2009 (GLOBE NEWSWIRE) -- With oil prices rising again, greater interest in oil exploration was certain to follow. Additionally, the marriage of a previously producing oil field, heightened barrel prices, and enhanced technology presents one exploration company with an ample opportunity. Factor in the presence of a geologist with thirty years expertise in the exact area of interest and the story gets even more compelling.
Last week, Strategic American Oil Corporation (OTCBB:SGCA), an exploration and production company with operations in Texas, Oklahoma, Louisiana, and Illinois, announced it has leased an Illinois land position in a previously producing oil field that could host significant in-place reserves through Enhanced Oil Recovery. By researching the Illinois State Geological Survey, the company has discovered the oil field previously produced an aggregate of 1.5 million barrels of oil during the 1940s and 50s. Nearby waterflood operations in the same zones have yielded a 1:1 recovery. Strategic American has leased approximately 372 acres of the oil field and plans to use existing injection wells while drilling new recovery wells to 4,000 feet.
It will be interesting to follow Strategic American as Chief Geologist, Jim Thomas, who has approximately 30 years of experience in the Illinois basin and degrees from South Illinois University, leads his team into this previously producing area. If oil prices continue their ascent, every drop Thomas and Strategic American may locate could be worth even more.
A profile featuring Strategic American Oil Corporation (OTCBB:SGCA) and of interest to investors of oil and gas related companies BP plc (NYSE:BP), Chevron Corporation (NYSE:CVX), Exxon Mobil Corp. (NYSE:XOM), and ConocoPhillips (NYSE:COP) is available at http://www.smallcapsentinel.com/SGCA.
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Statements herein may contain forward-looking statements and are subject to significant risks and uncertainties affecting results. Integrity Media Inc. (IMI). IMI provides no assurance as to the subject company's plans or ability to effect proposed actions and cannot project capabilities, intent, resources, or experience. The subject companies haven't always approved the statements made in this report. This report is neither a solicitation to buy nor offer to sell securities and is for information purposes only and shouldn't be used as basis for investment decisions. IMI isn't an investment advisor, analyst or licensed broker dealer and this report isn't investment advice. IMI. has been compensated $3,500 for this publication and other advertising services by Archon Global, a financial public relations consultant to SGCA. Paid reports constitute a conflict of interest as to IMI's ability to remain objective in communication regarding subject companies.