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GMT Capital Acquires Additional Securities of Strategic Oil & Gas Ltd.

ATLANTA, Jan. 12, 2018 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable securities laws, GMT Capital Corp. ("GMT") announces that on February 28, 2017, certain of its hedge fund and private client managed accounts acquired from Strategic Oil & Gas Ltd. ("SOG") $2,214,000 aggregate principal amount of 8.0% secured convertible notes ("Notes") having a conversion price of $2.70 per Common Share and that on August 31, 2017, such hedge fund and private client managed accounts acquired from SOG an additional $2,297,000 aggregate principal amount of Notes having a conversion price of $2.03 per Common Share.  The Notes were issued as a payment-in-kind in satisfaction of certain interest obligations of SOG.  As a result of the acquisition of the Notes, GMT's hedge fund and private client managed accounts may, on the conversion of such Notes, acquire an additional 1,951,527 common shares ("Common Shares") of SOG, representing approximately 4.21% of the issued and outstanding Common Shares. 

GMT has previously reported holdings on behalf of its hedge fund and private client managed accounts of 25,079,943 Common Shares representing approximately 57.03% of the then issued and outstanding Common Shares.  GMT's hedge fund and private client managed accounts currently hold an aggregate of: (i) 24,928,802 Common Shares representing approximately 53.74% of the issued and outstanding Common Shares; (ii) $58,190,000 principal amount of Notes having a conversion price of $1.80 per Common Share; (iii) $2,153,000 principal amount of Notes having a conversion price of $3.30 per Common Share; (iv) $2,214,000 principal amount of Notes having a conversion price of $2.70 per Common Share; and (v) $2,297,000 principal amount of Notes having a conversion price of $2.03 per Common Share.  The Notes are convertible into an aggregate of 34,931,729 Common Shares.  As at the date hereof, if GMT's hedge fund and private client managed accounts converted the Notes they would hold an aggregate of 59,860,531 Common Shares representing approximately 73.61% of the issued and outstanding Common Shares.

The Common Shares and Notes (collectively, the "SOG Securities") were acquired in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over SOG.  GMT's hedge fund and private client managed accounts may from time to time acquire additional SOG Securities, dispose of some or all of the existing or additional SOG Securities or may continue to hold the SOG Securities.

GMT specifically disclaims any beneficial ownership of the SOG Securities, but as investment manager of its managed accounts GMT has exclusive power to exercise investment control or direction over the SOG Securities.

FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONJUNCTION WITH THIS PRESS RELEASE, PLEASE CONTACT:

GMT Capital Corp.
2300 Windy Ridge Parkway
Suite 550 South
Atlanta, GA 30339

Attention: Philip J. Meyers, Vice President – Head of Compliance
Telephone:      (770) 989-8263

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