SOG SitRep

Tiedote:

"CALGARY, ALBERTA--(Marketwire - Oct. 9, 2012) - Strategic Oil & Gas Ltd. ("Strategic" or the "Company") (TSX VENTURE:SOG) is pleased to announce continued drilling success with four new wells at Steen River during 3Q12. Following a strong 2Q12, these new wells put the company on track with meeting its year end exit rate of 3000 BOEPD.
The 2H12 drilling program in Steen commenced in August with plans to drill up to eight wells. Four new vertical wells have now been drilled and cased, with two put on production in early October contributing over 300 BOEPD. The four new wells extend the boundaries of both the Sulphur Point and Keg River pools.
Strategic has shut-in approximately 100 BOEPD of gas from its Larne Gas field during 3Q12. Nearby forest fires and the outage of the Rainbow pipeline has caused Strategic to shut in production at Steen River for a period of approximately two weeks during 3Q12. Due to downtime and the shut-in of gas from its Larne field Strategic estimates the 3Q12 production volume to be down by 20-25%.

Production resumed at Steen River in late September and the current oil production is now above the 2Q12 production rate. Strategic will be transporting oil by rail in 4Q12 which will help to minimize the risks due to future pipeline disruptions.

Strategic is pleased to announce that the company's primary lender, Alberta Treasury Branches ('ATB') has approved an increase to its available revolving operating line of credit from $38 million to $48.5 million ahead of the October 31, 2012 review date. Strategic currently has no debt and plans to finance a major portion of the remaining 2012 drilling programs using cash on hand and cash flow. The bank line increase continues to provide Strategic with significant financial flexibility for the remainder of 2012 and into 2013. "


Tiedote on sisällöltään ainakin lievästi negatiivinen. Kahden tuoreimman kaivon yhteenlaskettu 7 päivän IP on 300 BOE:ta. Olettaisin, että nämä ovat Keg river-kaivoja ja jos näin on, niin näiden tuotanto jää reilusti viimeisen 12 kk aikana porattujen keskiarvosta, joka on n. 260 BOEta(IP30).

Öljykuljetuksien siirtyminen putkista ja raiteille on todennäköisesti kasvattanut kuljetuskustannuksia.

Yhtiö pitää kiinni 3000 BOEn vuoden exit-tavoitteesta, mutta veikkaisin, että tuo jää saavuttamatta, kun tuoreimpien kaivojen tuotanto on jäänyt hieman odotuksista.

Eilen on myös julkaistu päivitetty presentaatio.