Strategic Oil & Gas Ltd. Announces $42.0 Million Equity Financing

NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.


Strategic Oil & Gas Ltd. (TSX VENTURE:SOG) ("Strategic" or the "Company") is
pleased to announce that it has entered into agreements to offer a total of
42,050,000 Strategic common shares to raise gross proceeds of $42,002,500.
Strategic has entered into a bought deal offering (the "Public Offering") by way
of short form prospectus with a syndicate of underwriters co-led by Raymond
James Ltd. and Macquarie Capital Markets Ltd. (collectively, the
"Underwriters"). The Public Offering will consist of the issuance of 10,530,000
common shares (the "Common Shares") of the Company at a price of $0.95 per
Common Share (the "Common Share Offering Price") and 13,700,000 common shares of
the Company issued on a flow-through basis (the "Flow-Through Shares") at a
price of $1.10 per Flow-Through Share for aggregated gross proceeds of
$25,073,500. An additional 17,820,000 Common Shares will be issued on a private
placement basis to GMT Capital Corp. ("GMT") at the same price as the Common
Share Offering Price of $0.95 per Placement Share for gross proceeds to the
Corporation of $16,929,000 (the "Private Placement"). Completion of the Public
Offering is conditional on the completion of the Private Placement.


Strategic has also granted the Underwriters an option (the "Over-Allotment
Option") to purchase up to an additional 1,579,500 Common Shares at a price of
$0.95 per Common Share for additional gross proceeds of up to $1,500,525. The
Over-Allotment Option shall be issued on the same terms and conditions as the
Public Offering, exercisable at any time, in whole or in part, for a period of
30 days following closing of the Public Offering, to cover over allotments and
for market stabilization purposes.


The net proceeds from the Public Offering and the Private Placement will
initially be used to pay down bank indebtedness and then to fund the
Corporation's increase in the 2013 drilling program, partially fund the 2014
capital program, and for general corporate purposes. The Flow-Through Share
proceeds will be used to incur eligible Canadian exploration expenditures that
will be renounced to subscribers effective on or before December 31, 2013. The
2014 capital program is expected to be announced in December 2013.


The Public Offering and Private Placement provide capital to increase the 2013
drilling program, which now includes the drilling of 3 Muskeg Stack wells, and
capital to increase the first quarter of 2014 drilling program to include up to
8 Muskeg Stack wells to further establish the significant potential of the
Muskeg Stack resource.


The Closing of the Public Offering is expected to occur on or about October 7,
2013 and is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the TSX Venture
Exchange. Closing of the Private Placement is expected to be on or before the
closing date of the Public Offering.


About Strategic

Strategic is a junior oil and gas company committed to growth by exploiting its
light oil assets in Canada. Strategic's common shares trade on the TSX Venture
Exchange under the symbol SOG.


This press release does not constitute an offer of the Common Shares or
Flow-Through Shares for sale in the United States. The Common Shares and
Flow-Through Shares have not been registered under the United States Securities
Act of 1933, (the "1933 Act") as amended, and may not be offered or sold within
the United States absent registration or an exemption from registration under
the 1933 Act. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any state in which such offer, solicitation or sale would be unlawful.


ADDITIONAL INFORMATION

Additional information, including the Company's most recently filed AIF, is also
available at www.sogoil.com and at www.sedar.com.


Forward-Looking Statements

This news release includes certain information, with management's assessment of
Strategic's future plans and operations, and contains forward-looking statements
which may include some or all of the following: (i) forecasted capital
expenditures and plans; (ii) exploration, drilling and development plans, (iii)
prospects and drilling inventory and locations; (iv) anticipated production
rates; (v) expected royalty rate; (vi) anticipated operating and service costs;
(vii) the Company's financial strength; (viii) incremental development
opportunities; (ix) reserve life index; (x) total shareholder return; (xi)
growth prospects; (xii) asset disposition plans; (xiii) sources of funding,
which are provided to allow investors to better understand the Company's
business. 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, stock market volatility and ability to access
sufficient capital from internal and external sources, 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, 2012 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; finance and debt markets continuing to be receptive to financing
the Company and industry standard rates of geologic and operational success.
Strategic's actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking statements or if
any of them do so, what benefits that Strategic will derive there from.
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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Strategic Oil & Gas Ltd.
Gurpreet Sawhney, MBA, MSc., PEng.
President and CEO
403.767.9000
403.767.9122 (FAX)
1100, 645 7th Avenue SW
Calgary, AB T2P 4G8


Strategic Oil & Gas Ltd.
Sean Hayes, PhD, PGeol
Chief Operating Officer
403.767.9000
403.767.9122 (FAX)
1100, 645 7th Avenue SW
Calgary, AB T2P 4G8