Strategic Oil & Gas Ltd. Closes Financing

Strategic Oil & Gas Ltd. Closes Financing 
CALGARY, ALBERTA -- (Marketwire) -- 03/20/13 -- Strategic Oil & Gas
Ltd. (the "Company") (TSX VENTURE:SOG) is pleased to announce that
its previously announced non-brokered private placement of 12.0
million common shares at a price of $1.25 per common share for gross
proceeds of $15.0 million has been increased.  
The Company has issued 23.2 million common shares at a price of $1.25
per common share for gross proceeds of $29.0 million or net proceeds
of $28.3 million after deducting related costs. The net proceeds will
be used in part to fund the recent acquisition from Paramount
Resources Ltd., previously announced on March 4, 2013, and to enhance
Strategic's financial flexibility during the remainder of 2013.
Shares issued will be subject to a 4 month hold period expiring on
July 20, 2013.  
ADDITIONAL INFORMATION  
Additional information is also available at www.sogoil.com and at
www.sedar.com.  
Forward-Looking Statements 
This news release contains forward-looking statements including
statements regarding the use of proceeds of a private placement of
common shares of the Corporation. By their nature, forward-looking
statements are subject to numerous risks and uncertainties; some of
which are beyond Strategic's control, including the impact of general
economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, changes in environmental tax and royalty
legislation, competition from other industry participants, the lack
of availability of qualified personnel or management, and other risks
and uncertainties described under the heading 'Risk Factors' and
elsewhere in the Company's Annual Information Form for the year ended
December 31, 2011 and other documents filed with Canadian provincial
securities authorities and are available to the public at
www.sedar.com. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements.
The principal assumptions Strategic has made includes security of
land interests; drilling cost stability; royalty rate stability; oil
and gas prices to remain in their current range and industry standard
rates of geologic and operational success. Actual results could
differ materially from those expressed in, or implied by, these
forward-looking statements. Strategic disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.  
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. 
Contacts:
Strategic Oil & Gas Ltd.
Gurpreet Sawhney, MBA, MSc., PEng.
President and CEO
403.767.2949
403.767.9122 (FAX) 
Strategic Oil & Gas Ltd.
Sean Hayes, PhD, PGeol
Chief Operating Officer
403.767.2946
403.767.9122 (FAX) 
Strategic Oil & Gas Ltd.
1100, 645 7th Avenue SW
Calgary, AB T2P 4G8