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

ATLANTA, GEORGIA--(Marketwired - Jan. 17, 2017) - Pursuant to the early warning requirements of applicable securities laws, GMT Capital Corp. ("GMT") announces that on December 22, 2016 certain of its hedge fund and private client managed accounts and certain other joint actors (collectively, the "Acquirors") acquired from Strategic Oil & Gas Ltd. ("SOG") an aggregate of 220,833,750 common shares ("Common Shares") of SOG, representing approximately 25.27% of the issued and outstanding Common Shares, at a price of $0.12 per Common Share or $26,500,050 in the aggregate. As a result of such acquisition, the Acquirors now hold an aggregate of 533,539,850 Common Shares representing approximately 61.05% of the issued and outstanding Common Shares.

In addition, on February 29, 2016, the Acquirors acquired from SOG $60,930,000 aggregate principal amount of 8.0% secured convertible notes of SOG having a conversion price of $0.09 per Common Share ("$0.09 Notes") for consideration of $60,930,000. Such $0.09 Notes represent approximately 64.20% of the issued and outstanding $0.09 Notes. On August 31, 2016, the Acquirors also acquired from SOG $2,263,000 aggregate principal amount of 8.0% secured convertible notes of SOG having a conversion price of $0.165 per Common Share ("$0.165 Notes"). Such $0.165 Notes represent approximately 62.86% of the issued and outstanding $0.165 Notes and were issued as a payment-in-kind in satisfaction of that portion of the interest obligations payable by SOG pursuant to the $0.09 Notes in the amount of $2,263,000. If the Acquirors converted the entire principal amount of $0.09 Notes and $0.165 Notes held by them into Common Shares (and assuming no other notes were converted), they would hold an aggregate of 1,224,255,002 Common Shares representing approximately 78.24% of the issued and outstanding Common Shares.

The Common Shares, $0.09 Notes and $0.165 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. The Acquirors (or any one of them) 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