SGCA Changes Name
Strategic American Oil Corp. Announces Name Change to Duma Energy Corp.
HOUSTON, April 4, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCAD.OB - News) (the "Company") announces that it has changed its name to Duma Energy Corp. effective today. The name change is part of a larger effort and expanded corporate focus.
"The new broader mission of Duma Energy will be to continue development of its existing oil and gas assets in order to fuel high growth projects and acquisitions. The new mission envisions that our increasing revenues, cash flow, and reserves will be the engine driving our growth," said Jeremy G. Driver, Chairman and CEO of Duma Energy. He further stated that, "at this time we are focusing our search on opportunities that provide the potential for substantial risk-adjusted return on investment, both domestically and internationally. These corporate actions, along with our current efforts to create a majority independent board of directors, are designed to position Duma Energy for a senior listing in the future."
Further, the Company has completed a reverse stock split of its authorized and issued and outstanding shares of common stock effective today, on a one new share for twenty-five old share basis (1:25), as set forth in a Certificate of Change filed with the Nevada Secretary of State.
As a result of the reverse split, the Company's authorized shares have now decreased from 500,000,000 shares to 20,000,000 shares of common stock and, correspondingly, the Company's issued and outstanding shares have decreased from 269,742,986 shares to 10,789,712 shares of common stock.
The Company's common shares will commence trading on the OTC Bulletin Board at the opening of trading on April 4, 2012 under the stock symbol "SGCAD", and the "D" in the Company's symbol (which signifies a stock split) will be removed 20 business days from April 4, 2012. The Company's new CUSIP number is 264567108. In the coming weeks, the Company expects to change its trading symbol to more accurately coincide with its new name and will announce when such a change has occurred or has been approved.
Additionally, the Company will be rolling out a new website, corporate presentation and fact sheet in the coming days.
