Strategic American Oil Corporation Acquires Previously Producing Wells in


<p>CORPUS CHRISTI, Texas, <chron>Oct. 28</chron> /CNW/ -- Strategic American Oil Corporation (OTC Bulletin Board:   SGCA) ("the Company"): is pleased to announce it has completed leasing of over 93% of the mineral interest in the 160 acre Dixon Lease located in the <location>Delhi</location> South Field, <person>Franklin Parish</person>, Louisiana.. The balance of the Material Interest (~7%) is expected to be leased shortly. The Dixon lease contains two temporarily abandoned oil wells at approximately 3400 feet along with two possible offset drilling locations and a salt water disposal well ("SWDW").  The Company and its operating partner, Tradestar Energy, Inc., plan to re-work and re-equip the existing wells and re-work and re-permit the SWDW. Tradestar can earn a 50% working interest in the leasehold by funding the cost of re-working and re-equipping the two existing wells along with the saltwater disposal well.  The Dixon lease was acquired by the Company's wholly owned (Louisiana registered) subsidiary, Penasco Petroleum, Inc. and will be operated by Tradestar Energy, Inc.</p>
<p><person>Randall Reneau</person>, President and CEO stated, "The Dixon acquisition is a relatively low risk, two well re-entry project that significantly increases the Company's acreage position in the <location>Delhi</location> South Field by 114% and, once workovers are completed, will add to the Company's daily oil production and reserve base in Louisiana."</p>

    About Strategic American Oil Corporation
<p>The Company (OTCBB: SGCA) is an exploration and production company with operations in Texas, Louisiana, and Illinois.  The Company draws on an internationally recognized team of geologists, engineers and executives with extensive oil and gas exploration and production experience.  The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.</p>

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<p>Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable <location>United States</location> and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.  Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of oil or gas resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the oil and gas industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage.  Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.</p>
<p>Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.  Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the <location>United States</location> Securities and Exchange Commission (the "SEC") (available at <a href=""></a>).  Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company's filings with the SEC, such as the ability to obtain additional financing, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company.  These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.  Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate.  Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC.</p>
<p>This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.</p>


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