CORPUS CHRISTI, Texas, Feb. 1, 2011 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) today announced that it has rescheduled the closing of the recently executed Purchase & Sale Agreement to acquire a private Texas oil and gas Company, which owns and operates producing oil and natural gas properties and related facilities located in Galveston Bay, Texas for $9.9 million.
The transaction is subject to completion of financing, as well as customary closing conditions and adjustments. The effective date for the purchase is Jan. 1, 2011, with closing now anticipated to be Feb. 2, 2011.
About Strategic American Oil
Strategic American Oil Corporation (OTCBB:SGCA) is a growth stage oil and natural gas exploration and production company with operations in Texas, Louisiana, and Illinois. The Company's team of geologists, engineers, and executives leverage 3D seismic data and other proven exploration and production technologies to locate and produce oil and natural gas in new and underexplored areas. The Company seeks accretive acquisitions of production, reserves, or other companies that will provide significant growth potential. Further information can be found on the Company's website at www.strategicamericanoil.com.
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