Texas firm buys Franklin Parish lease

• Advocate business staff
• Published: Oct 28, 2009 - UPDATED: 2:52 p.m.

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Strategic American Oil Corp. has leased over 93 percent of the mineral interest in the 160-acre Dixon Lease located in Franklin Parish. Corpus Christi, Texas-based Strategic expects to lease the balance shortly.

The lease contains two temporarily abandoned oil wells at approximately 3,400 feet along with two possible offset drilling locations and a salt water disposal well. The company and its operating partner, Tradestar Energy Inc., plan to re-work and re-equip the existing wells and re-work and re-permit the salt water disposal well.