Canadian company Strategic Oil & Gas Ltd. announced that it has entered into an agreement with the purpose to acquire all the shares of a private company whose sole asset is a leased interest in an oil and gas exploration permit off-shore of Gabon. The deal has to be approved by TSX Venture Exchange.
On October 3, 2008, an agreement was signed between Strategic Oil & Gas Ltd. and Greenfields Petroleum International Company Ltd. and African Petroleum Development Limited, registered in the British Virgin Islands, pursuant to which Strategic Oil & Gas Ltd. will issue 25,000,000 common shares at a deemed price of $0.46 per share, in exchange for the full interest of a newly incorporated private British Virgin Islands company Gabon Kiarsseny Marin Ltd., owned by Greenfields Petroleum International Company Ltd.
BVI-registered African Petroleum will have a controlling interest in Strategic Oil, upon receipt of approximately 15,000,000 of the common shares which will be issued pursuant to this transaction.
The only asset of the BVI company Gabon Kiarsseny is a farm out agreement with Tullow Oil Gabon SA, in respect to a 33.25% interest in the farmout lands with Tullow, retaining already possessed 14.25% working interest. The assignment to Gabon Kiarsseny is subject to the approval of the Gabonese government, and subject to the right of the Gabonese government to acquire a 5% working interest in the project, which would reduce all of the working interest partners on a pro rata basis.
Strategic is a junior oil and gas company which has producing properties located in Northeast and Central Alberta. Currently Strategic has a domestic 4 well drill program planned for the next 6 months.
