STRATEGIC OIL & GAS LTD. ANNOUNCES RECEIPT OF REPAYMENT NOTICE AND EXPECTED APPOINTMENT OF RECEIVER


January 23, 2020: As previously announced, Strategic Oil & Gas Ltd. obtained creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”) in April 2019. A comprehensive sales and investment solicitation process (“SISP”) was conducted in connection with the CCAA proceedings. Unfortunately, due to the prolonged depression in commodity prices and a lack of available capital in the oil and gas sector, the Company was unable to secure a transaction on acceptable terms.

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