Strategic American Oil Corp. (SGCA) Sees Opportunity in the Land of Lincoln
The increase in the price of oil has reinvigorated the search for domestic resources, including those in states that the average American doesn’t normally associate with oil production. A prime example is Illinois. Far from the parched prairies of Oklahoma and Texas, Illinois is a state more associated with Chicago and agriculture than fossil fuels, and yet oil and gas have been commercially produced in Illinois for over a century. During this time, the state has produced well over 3 billion barrels of oil. Even more surprising is that there is an estimated 4 billion barrels still in the ground in the Illinois Basin, a huge geological structure covering most of Illinois.
Strategic American Oil, a growth stage domestic oil and gas exploration and production company, is growing its portfolio of oil projects in the Illinois Basin, in addition to the company’s operations in Texas and Louisiana. Strategic has leased over 2,900 acres in the Basin, with new projects being identified.
• Waterflood #1 – Strategic has been working on the WF1 Prospect for many months, and is now finalizing designs for the pilot program. An independent engineering report has identified potential reserves, indicating production can be achieved through primary and secondary recovery. In addition, there are other zones not fully exploited that may hold significant reserves.
• DST Prospect – Covering roughly 1,000 acres, the DST Prospect offsets fields that have produced from 764,000 barrels to over 3,500,000 barrels of oil. Strategic is now working to secure additional working interest partners to perform initial drilling of an offset well.
• Oakdale NE Prospect – There are numerous productive fields around the Oakdale NE area, with the original Oakdale North Field producing 761,000 barrels of oil.
Strategic’s CEO, Jeremy Driver, emphasizes the importance of the company’s Illinois prospects: “Allocating significant resources to the Illinois Basin is an integral part of the future growth for Strategic American Oil,” said President and CEO, Jeremy Driver. “We believe strongly that our development of these projects will reap great economic rewards for the company and its shareholders.”
For additional information, visit www.StrategicAmericanOil.com