Strategic Oil & Gas Ltd. Increases Size of Equity Financing to $48.2 Million

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 in connection with its previously announced equity
financing, Strategic will increase the size of the financing to a total of
48,299,545 common shares to raise gross proceeds of $48,202,750.


Strategic and the syndicate of underwriters co-led by Raymond James Ltd. and
Macquarie Capital Markets Ltd. and including Dundee Securities Corporation,
FirstEnergy Capital Corp., National Bank Financial Inc., Paradigm Capital Inc.
and PI Financial Corporation have agreed to increase the size of the bought deal
financing ("Public Offering"). Strategic will now issue 12,650,000 common shares
("Common Shares") at a price of $0.95 per Common Share for gross proceeds of
$12,017,500 and 15,454,545 flow-through common shares ("Flow-Through Shares") at
a price of $1.10 per Flow-Through Share for gross proceeds of $17,000,000 for
total gross proceeds of $29,017,500. The Underwriters will have an option to
purchase up to an additional 15% of the Common Shares issued under the Public
Offering at a price of $0.95 per Common Share to cover over-allotments
exercisable in whole or in part at any time until 30 days after the closing.


In addition, the Company and GMT Capital Corp. ("GMT") have agreed to increase
the size of the private placement financing (the "Private Placement"). Strategic
will now issue 20,195,000 Common Shares on a private placement basis to GMT at
$0.95 per Common Share for gross proceeds to the Company of $19,185,250.
Completion of the Public Offering is conditional on the completion of the
Private Placement.


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 Company'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.


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