Strategic American Oil has completed its acquisition of the private Nevada company, SPE Navigation I, LLC.
The material assets of SPE consist of certain oil and gas working interests equal to one third the working interests owned by the Company in and to four producing oil and gas fields located in Galveston Bay, Texas, together with one million shares of Hyperdynamics.
Jeremy G. Driver, CEO, stated, "With the consummation of this transaction, both our cash flow and balance sheet are greatly improved. This puts us in an excellent position for substantial growth. We have multiple opportunities that can now be pursued, allowing us the opportunity to increase production and further enhance shareholder value."
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