2009-08-15-2009-01-01

To purchase company with 33.25% interest in Kiarsseny G4-208 permit covering 1.37 million acres offshore northern Gabon.

Strategic Oil & Gas Ltd., Calgary, (TSX: SOG) plans to acquire Gabon Kiarsseny Marin Ltd., a private oil and gas exploration company whose sole asset is a farm-in interest offshore Gabon. Along with $200,000, Strategic will issue 25 million shares at C$0.46 per share for all the issued and outstanding shares of Gabon Kiarsseny, a newly incorporated company owned by Greenfields Petroleum International Co. Ltd. and African Petroleum Development Ltd. Gabon Kiarsseny has a 33.25% interest in the Kiarsseny G4-208 permit, which covers 1.37 million acres offshore northern Gabon. Strategic says its primary area of interest contains multiple targets located in less than 175 feet of water. Twenty-four wells have been drilled in the area, resulting in three sub-commercial discoveries. As part of the deal, Gabon Kiarsseny will drill, log, test and complete two exploration wells by March 31, 2010. In return, Gabon Kiarsseny will earn a 33.25% working interest in the farmout land. African Petroleum directors Christopher Atkinson and Michael Renolds will have a controlling interest in Strategic, owning 15 million of the common shares after the transaction. Strategic has properties in northeastern and central Alberta.