Strategic O&G Completes Acquisition of Remaining Maxhamish Interest
Strategic O&G has completed the acquisition with its partner of the remaining 35% working interest in the Maxhamish, northeast British Columbia oil resource play (the "Property"), for a total purchase price of $13.0 million ($5.0 million net to Strategic) from a major Canadian independent energy corporation. With the closing, the current farmout agreement with respect to the Property has been eliminated providing Strategic with an undivided 38.5% working interest in all the lands (greater than 26,000 net acres) in the Maxhamish area. The purchase price was paid out of available working capital. The effective date of the acquisition was August 1, 2010.
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