The material assets of SPE Navigation includes certain oil and gas working interests equal to one third the working interests owned by Strategic American in and to four producing oil and gas fields located in Galveston Bay, Texas, together with one million shares of Hyperdynamics Corp.
Strategic American is an oil and natural gas exploration and production company with operations in the US states of Texas, Louisiana and Illinois.
The company said it seeks accretive acquisitions of production, reserves, or other companies that will provide significant growth potential.
