Libra Advisors, LLC Announces Purchases and Sale of Securities of Strategic Oil & Gas Ltd.

TORONTO, Dec. 21, 2016 /CNW/ - Libra Advisors, LLC (Libra) today announced that pursuant to a private placement undertaken by Strategic Oil & Gas Ltd. (Strategic) on December 21, 2016, Libra, on behalf of the portfolios of investment funds it manages, acquired 50,000,000 common shares of Strategic.

Libra today also announced an update with respect to securities of Strategic held on behalf of the portfolios of investment funds it manages, as a result of (i) previous acquisitions of 13,605 secured convertible notes issued by Strategic in February 2016 and 548 secured convertible notes issued by Strategic in August 2016 and (ii) the sale of 911,000 common shares of Strategic.

On December 21, 2016, Libra, on behalf of the portfolios of investment funds it manages, acquired 50,000,000 common shares of Strategic at a price of $0.12 per common share for total consideration of $6,000,000.

On February 29, 2016, Libra, on behalf of the portfolios of investment funds it manages, acquired 13,605 secured convertible notes issued by Strategic (the Original Notes) at a price of $1,000 per Original Note. The Original Notes purchased bear interest at a rate of 8% per year and are convertible into 151,166,667 common shares of Strategic at a conversion price of $0.09 per common share.

On August 31, 2016, Libra, on behalf of the portfolios of investment funds it manages, acquired a 548 secured convertible notes of Strategic (the PIK Notes and, together with the Original Notes, the Notes) as payment of interest in kind with respect to the Original Notes.  The PIK Notes bear interest at a rate of 8% per year and are convertible into 3,321,212 common shares of Strategic at a conversion price of $0.165 per common share.

The Notes were issued at a price of $1,000 per Note for total consideration of $14,153,000. The Original Notes were issued for total consideration of $13,605,000, as part of a private placement financing in February 2016 of 94,851 secured convertible notes of Strategic for aggregate gross proceeds of $94,851,000. The Original Notes issued to Libra on behalf of the portfolios of investment funds it manages represented 14.3% of the total secured convertible notes issued by Strategic in the February 2016 private placement.

In addition, since July 31, 2016, the effective date of Libra's most recently filed alternative monthly report (the Previous AMR), Libra, on behalf of the portfolios of investment funds it manages, sold an aggregate of 911,000 common shares of Strategic.

Libra, on behalf of the portfolios of investment funds managed by it, exercises control or direction over 116,738,345 common shares of Strategic.  On an undiluted basis, this represents approximately 13.2% of the total outstanding common shares of Strategic, based on 878,210,295 issued and outstanding common shares as at December 21, 2016.

On a partially diluted basis (i.e. assuming the Original Notes and the PIK Notes over which Libra exercises control and direction were converted but no other secured convertible notes have been converted), Libra, on behalf of the portfolios of investment funds managed by it, would exercise control or direction over 271,226,224 common shares of Strategic, which would represent approximately 26.2% of the total outstanding common shares, based on 1,032,698,174 issued and outstanding common shares.

On a fully diluted basis (i.e. assuming the all of the secured convertible notes issued by Strategic including, but not limited to, the Notes over which Libra exercises control and direction, were converted), Libra, on behalf of the portfolios of investment funds managed by it, would exercise control or direction over 271,226,224 common shares of Strategic, which would represent approximately 13.8% of the total outstanding common shares, based on 1,953,915,756 issued and outstanding common shares.

The investment funds managed by Libra acquired the Notes for investment purposes and may, from time to time, acquire additional securities of Strategic or dispose of such securities as Libra may deem appropriate.

Libra maintains its principal office at 767 Third Avenue, 21^st Floor, New York, New York 10017

SOURCE Libra Advisors, LLC

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