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Strategic Oil & Gas Ltd lands its expected production target for 2016

Last updated: 09:29 07 Feb 2017 EST, First published: 04:29 07 Feb 2017 EST

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The group said it tied in three Muskeg wells during the fourth quarter

Canada-focused junior oiler Strategic Oil & Gas Ltd (TSE:SOG) told investors it reached or bettered its targeted exit production rate for its 2016 year.

The firm, which has assets mainly in Alberta, indeed said its current production level exceeds its 2016 exit rate guidance of 2,800 boe/d (barrels of oil equivalent per day).

The group said it tied in three Muskeg wells during the fourth quarter last year and has recently tied in a step out Muskeg well.

Its $30mln capital program for 2017's first half includes six Muskeg horizontal wells and has repeated its production guidance of 4,000 boe/d at the exit of the first half of 2017.

The group told investors its current capital position remained strong and that it was positioned for growth.

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