SGCA One to watch explode
With Strategic American Oil successfully drilling their well in Trinity Bay Tx there is no doubt good times ahead.
HOUSTON, March 8, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA.OB - News) announced today that it has successfully drilled the ST 9-12A #4, its first well in the Fishers Reef Field in Trinity Bay, TX to the target depth of 9,720 feet. Based upon analysis of open hole and field data, the Company has decided to complete the well and ready it for production.
The target geological interval is referred to as the Tex II Sand and is in the lower part of the overall Frio trend which has been one of the most prolific productive intervals along the Texas Gulf Coast. According to open-hole log evaluation and core analysis, the ST9-12A #4 encountered approximately 50 feet of gross pay resulting in 44 feet of net pay capable of producing hydrocarbons. The well encountered the productive horizon in a favorable structural position as originally predicted.
"The successful drilling of this well represents a major milestone in our operational plans for the fields in Trinity Bay and Galveston Bay. We are strongly encouraged by what we see and look forward to releasing the production results once obtained," noted Jeremy G. Driver, President and Chief Executive Officer of Strategic American Oil Corporation.
Strategic American Oil Corporation operates the Fishers Reef Field in Trinity Bay, Texas, including the ST 9-12A #4 well through its wholly-owned subsidiary Galveston Bay Energy LLC ("GBE"). GBE retained 25% of the working interest in the well after conveying 75% to financial and industry partners.
