CANADA'S STRATEGIC OIL & GAS LTD TARGETS $40M PRIVATE PLACEMENT

Canada Strategic Oil & Gas ltd today December 9 announced plans to raise $40m through private placement of 333m shares at $0.12 per share.

The money is principally to finance its $30m capital budget approved by the board of directors for the first half of next year

The budget is to drill six Muskeg wells at Marlowe adjacent to some it successfully drilled in 2016.

Muskeg oil wells are drilled on wetland popularly called bog but called muskeg in Canada. It is also the same with the soft wet land called more or quagmire, according to Wikipedia

While announcing the fund raising plans the company also announced results from muskeg oil wells drilled in 2016. There were four in all and only one is having issues.

Drilled over a pad of about 1900 metres, the first two are reportedly already producing while the third has been equipped.

Strategic Oil & Gas has since late 2015 committed itself to driving down operational and administration costs.

The shares to be offered will be non brokered and are expected to be taken up by insiders and well wishers mainly with a commitment to hold for at least 4 months after date of issue.

Investor interested are expected to contact the company before or by the 16th of this month.

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