With this acquisition, the current farmout agreement with respect to the property has been eliminated providing Strategic Oil & Gas with an undivided 38.5% working interest in all the lands (greater than 26,000 net acres) in the Maxhamish area.
The purchase price was paid out of available working capital and the effective date of the acquisition was 1 August 2010.
Strategic Oil & Gas is a junior oil and gas company with producing properties located in the Maxhamish area and southern and central Alberta.
