Strategic Oil & Gas Ltd. (
TSX: V.SOG,
Stock Forum) said that the expansion and reconfiguration of the company's oil battery and gas processing plant at Steen River (the 9-17 battery) is complete.
Production being processed through the 9-17 battery was shut in since construction began on Oct. 16, 2013 and will be brought back on production over the next couple of days.
According to the
Strategic Oil & Gas press release, the completion of the project will eliminate fluid handling constraints, reduce operating expenses and accommodate future growth in light oil production at Steen River.
The expansion has increased the oil processing capacity at Steen River to 8,500 barrels of oil per day. The 9-17 battery expansion is a key aspect of the company’s growth strategy.
Strategic is a junior oil and gas company committed to growth by exploiting its light oil assets in Canada.
On Friday, Strategic was up 12.1% and was trading at $1.02 a share. The company had a market cap of $265.8 million, based on 260.6 million shares outstanding.