Strategic Oil & Gas Ltd. Announces Financing

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


Strategic Oil & Gas Ltd. ("Strategic" or the "Company") (TSX VENTURE:SOG) is
pleased to announce two private placements for gross aggregate proceeds of up to
$50 million.


Strategic has entered into an agreement with a syndicate of agents co-led by
Macquarie Capital Markets Canada Ltd. and Dundee Securities Ltd., and including
Raymond James Ltd., National Bank Financial Inc., CIBC World Markets Inc.,
Paradigm Capital Inc., GMP Securities L.P., Primary Capital Inc. and PI
Financial Corp. (collectively the "Agents") with respect to a private placement,
on a reasonable commercial efforts basis, of up to 92,600,000 common shares of
the Company at a subscription price of $0.54 per common share for gross proceeds
of up to approximately $50 million (the "Brokered Offering"). Certain insiders
of Strategic are anticipated to subscribe for a significant portion of the $50
million on a non-brokered basis (the "Non-brokered Offering" and together with
the Brokered Offering, the "Private Placements"). The gross proceeds of the
Brokered Offering shall be reduced by the gross proceeds of the Non-Brokered
Offering, such that the aggregate proceeds of the Private Placements is up to
approximately $50 million.


Mr. Gurpreet Sawhney President & CEO of Strategic, states, "Strategic is pleased
to have strong support of its largest shareholder in the Private Placement which
reduces execution risk associated with junior oil and gas companies and plays a
key role in increasing Strategic's financial flexibility and execution of its
2014 business plans." 


Strategic has also granted the Agents an option, exercisable at any time prior
to closing of the Brokered Offering, to purchase up to an additional 15% of the
common shares offered pursuant to and on the same terms as the Brokered
Offering.


The net proceeds from the Private Placements will initially be used to reduce
bank indebtedness incurred in successful execution of the Company's winter
capital program and for general corporate purposes.


All of the securities issued in connection with the Private Placements will be
subject to a four-month hold period under applicable Canadian securities laws.
Closing of the Private Placements is expected to occur on or before March 31,
2014. The Private Placements are subject to the approval of the TSX Venture
Exchange.


As contemplated in the Company's 2014 capital budget, Strategic has had an
active winter in northern Alberta which included drilling, completion and
recompletion activities and construction of the Bistcho sales oil pipeline. As a
result, current net debt (pre-financing) is estimated to be approximately $115
million.


Strategic is nearing completion of its winter drilling program, with four Muskeg
Stack horizontal wells drilled and three wells completed. A fifth horizontal
well is planned prior to break-up. The plant turnaround at Bistcho has been
completed and production from Bistcho and Cameron Hills has been reactivated.
The Company has also completed substantially all of the infield work associated
with the testing and upgrading of its oil sales line to Rainbow. Strategic
anticipates receipt of regulatory approval during the second quarter 2014 at
which point Strategic will benefit from a further reduction in transportation
costs and improved netbacks.


The Company will provide an operational update along with the year end results.

Strategic is a junior oil and gas company committed to growth through the
exploitation of its light oil assets in the Steen River area of Northern
Alberta. The Company continues to evaluate accretive light oil acquisitions
where they may drive significant shareholder value. 


Strategic's common shares trade on the TSX Venture Exchange under the symbol SOG.

ADDITIONAL INFORMATION 

Additional information 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) expected results of capital
programs including production additions; (ii) expected timelines for completion
of capital projects; (iii) expected closing of the Private Placements; (iv)
expected uses of proceeds from financing; (v) expected dates of oil flow on new
pipelines; and (vi) expected capital projects, associated spending and resulting
net debt; 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; finance and debt markets continuing to
be receptive to financing the Company, the ability of the Company to monetize
non-core assets 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Strategic Oil & Gas Ltd.
Gurpreet Sawhney, MBA, MSc., PEng.
President and CEO
403.767.2949
403.767.9122 (FAX)


Strategic Oil & Gas Ltd.
Michael A. Zuk
VP, Business Development
403.781.2989
403.767.9122 (FAX)


Strategic Oil & Gas Ltd.
1100, 645 7th Avenue SW
Calgary, AB T2P 4G8
www.sogoil.com