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Striker Oil & Gas (SOIS) RSS Feed

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Having recently announced that its fiscal 2008 revenue increased by 24% to $3,800,000, Striker Oil & Gas, Inc. (OTCBB: SOIS) should have investors monitoring the company's progress. Yesterday after the markets closed, the company, an upstream U.S. oil and gas company, issued a press release announcing that it has connected the Catfish Creek #2 to its recently completed pipeline gathering system and it is currently flowing gas and associated condensate to sales prior to stimulating (fraccing) the Pettit formation.

 

 

 

After the stimulation, the expectations are for a significant increase over the current flow rates. The well was completed in the Pettit formation with perforations at 10,435-10,438' and 10,448-10,458'.

 

 

 

Great news for the company! This prospect consists of over 12,800 gross acres with full development of this prospect potentially yielding 30 to 50 wells testing the Pettit and Rodessa formations. Striker has approximately 33% working interest before payout (25% after payout) on this prospect.

 

 

 

 

"We are happy that we have this well tied into our new gathering system and are very optimistic that the stimulation of this well will meet or exceed our expectations." said Kevan Casey, Chief Executive Officer of Striker.

"Future field plans will be to immediately begin stimulation operations on our Catfish Creek #1 well which has been flowing oil for over the past sixteen months un-stimulated and then follow that with the completion of our recently drilled Catfish Creek #3 well."

 

 

Last week the company also reported it has re-established production on its LeJeune #1 well in its North Edna prospect located in Jefferson Davis Parish, Louisiana, at an average daily rate of 71 barrels of oil per day.

According to that release, the North Edna prospect also has an additional well location that has been classified as a Proven Undeveloped Drilling (PUD) location and has been assigned gross reserves of 428,000 barrels split evenly between the PUD and Probable Undeveloped categories by our independent third party reserve engineers. This additional well is forecasted to be drilled in fiscal 2009 to a depth of approximately 9,000 feet to test several zones that have been previously identified in the prospect area.

 

 

 

Striker has a 25.9% net revenue interest in the initial well and an approximate 18% net revenue interest in any subsequent wells on the North Edna prospect.

 

 

 

The company previously reported that its fiscal 2008 revenue increased by 24% to $3,800,000 compared to the same period in 2007. The company missed its previous guidance of $5,000,000 due to a disruption in its production from both Hurricanes Gustav and Ike and also the significant drop in hydrocarbon prices; however, the company has since restored production and does not anticipate any further issues caused by the previous hurricanes.

 

 

 

Investors are urged to carefully monitor the progress of this company!

Striker Oil & Gas Announces It Has Increased Its Acreage Position 50% in Its Catfish Creek Prospect

 

Striker Oil & Gas, Inc. (OTCBB:SOIS) announces that Striker along with its working interest partners in the Catfish Creek Prospect located in East Texas have now increased their acreage position to 12,800 gross acres. This is an increase of more than 50% from the initial acreage position acquired in this prospect.

This prospect has the potential for 25 to 40 wells to test the Pettit and Rodessa intervals with estimated gross reserves of 125,000 barrels of oil equivalent (BOE) per well for all zones or a gross prospect potential of 5 million barrels of oil equivalent (BOE) reserves . The shallow rights of this prospect include depths to 10,800 feet. Striker has approximately 33% working interest before payout (25% after payout) on the shallow rights of this prospect.

Striker recently announced that it had successfully drilled its third well and completed its 4 mile gas pipeline on its Catfish Creek Prospect. Striker owns a 25% interest in the pipeline.

“This prospect is developing into a very valuable asset for Striker with excellent future growth opportunity. With the gas pipeline complete, the operator of the prospect is currently planning the stimulations for the three wells with the first well being worked on later this week based on rig and frac service availability,” said Kevan Casey, Chief Executive Officer of Striker.

Striker Oil & Gas Announces It Has Completed Its 4 Mile Gas Pipeline on Its Catfish Creek Prospect & Expects Initial Producti...

 

Striker Oil & Gas, Inc. (OTCBB:SOIS) announces that it has completed the installation of its 4 mile pipeline to connect its gas production from its Catfish Creek Prospect. The company expects to complete the pressure testing phase and final mechanical hook-up within the next 7-10 days and expects to begin producing gas at that time. Striker has gas production that is shut-in from its existing three un-stimulated wells and is expected to have significant additional gas production as it continues to development of this prospect. Striker will own a 25% interest in the pipeline.

This prospect consists of over 9,000 gross acres with depths earned to 100 feet below the base of the Pettet formation. Full development of this prospect could result in 20 to 40 wells. Striker has approximately a 33% working interest before payout (25% after payout) on the shallow target of this prospect.

“We are very pleased to have this beneficial component of our Catfish Creek prospect completed.” said Kevan Casey, Chief Executive Officer of Striker, “We will now be able to stimulate and complete the shut-in wells and will begin producing at full capacity within a very short period of time.” About Striker Oil & Gas Striker Oil & Gas, Inc. is an upstream U.S. oil and gas company headquartered in Houston, Texas and traded on the Over-the-Counter Bulletin Board (SOIS.OB). The company is engaged in the search for and sale of oil and gas reserves through both exploratory drilling and the acquisition of producing properties. Striker’s objective is to cost efficiently develop these properties and market the oil and gas production at the wellhead. Striker is strategically focused along the Texas Gulf Coast, East Texas and South Louisiana in areas of developed infrastructure and established markets. For information please visit www.strikeroil.com.

Striker Oil & Gas Announces It Has Successfully Drilled Its Third Well on Its Catfish Creek Prospect

 

Striker Oil & Gas, Inc. (OTCBB:SOIS) announced today that it has successfully drilled its third well on its Catfish Creek Prospect located in East Texas. The third well was drilled to a total depth of 10,815 feet to test the Bacon Lime and Gloyd sections of the Rodessa and the Pettit formations. The well has been logged and net feet of potential pay in all three zones approximate 26 feet.

This prospect consists of over 9,000 gross acres with depths earned to 100 feet below the base of the Pettit formation. Full development of this prospect could result in 20 to 40 wells. Striker has approximately 33% working interest before payout (25% after payout) on this prospect.

“We are happy that we have successfully drilled our third well on our largest prospect,” said Kevan Casey, Chief Executive Officer of Striker. “We expect to begin the completion phase of this well within the next 30 days at which time we will attempt a completion in the Pettit gas zone.” About Striker Oil & Gas Striker Oil & Gas, Inc. is an upstream U.S. oil and gas company headquartered in Houston, Texas and traded on the Over-the-Counter Bulletin Board (SOIS.OB). The company is engaged in the search for and sale of oil and gas reserves through both exploratory drilling and the acquisition of producing properties. Striker’s objective is to cost efficiently develop these properties and market the oil and gas production at the wellhead. Striker is strategically focused along the Texas Gulf Coast, East Texas and South Louisiana in areas of developed infrastructure and established markets. For information please visit www.strikeroil.com.

Safe Harbor Statement This press release contains statements that may constitute forward-looking statements, including the company’s ability to successfully acquire oil and gas properties and drill commercial wells. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Striker’s future business and financial results, refer to our Quarterly Reports on Form 10-QSB, our Annual Report on Form 10-KSB and the other filings we make with the Securities and Exchange Commission. Striker undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.

 

 

Striker Oil & Gas Be

 

 
gins Drilling Its Catfish No. 3 Well on Its Catfish Creek Prospect

 

Striker Oil & Gas, Inc. (OTCBB:SOIS) announced today that it has commenced drilling on the Catfish No. 3 well on its Catfish Creek Prospect located in East Texas. The well is the third well drilled by Striker in the Catfish Creek Prospect and the first well of a three well continuous program to exploit the Pettet and Rodessa formations found in the two successful wells previously drilled by Striker. The Catfish No. 3 well will be drilled to a depth of 10,800 feet and is expected to reach total depth within 30 days.

This prospect consists of over 9,000 gross acres with depths earned to 100 feet below the base of the Pettet formation. Full development of this prospect could result in 20 to 40 wells. Striker has approximately a 33% working interest before payout (25% after payout) on this prospect.

About Striker Oil & Gas Striker Oil & Gas, Inc. is an upstream U.S. oil and gas company headquartered in Houston, Texas and traded on the Over-the-Counter Bulletin Board (SOIS.OB). The company is engaged in the search for and sale of oil and gas reserves through both exploratory drilling and the acquisition of producing properties. Striker’s objective is to cost efficiently develop these properties and market the oil and gas production at the wellhead. Striker is strategically focused along the Texas Gulf Coast, East Texas and South Louisiana in areas of developed infrastructure and established markets. For information please visit

Striker Oil & Gas Announces 137 Gross Barrels Per Day
Recompletion in Its North Edna Prospect


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