Strategic American Oil Corp. (SGCA) Executes LOI to Increase Interest in Galveston Bay Production
Strategic American Oil Corp. recently announced that it has signed a letter of intent ("LOI") to acquire SPE Navigation I, LLC ("SPE"). In exchange for SPE, Strategic American Oil has agreed to issue to the shareholders of the company an aggregate of 95 million restricted common shares upon the completion of the acquisition. The material assets of SPE include certain oil and gas working interest equal to one third the working interest of the company in and to four producing oil and gas fields located in Galveston Bay, Texas, as well as one million shares of Hyperdynamics Corporation (NYSE:HDY). SPE…