Striker Oil & Gas (SOIS)

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NEWS..............NEWS

Striker Oil & Gas Enters into an Agreement to Install a Gas Pipeline to Serve Its Catfish Creek Prospect

Jun 10, 2008 08:30:03 (ET)


HOUSTON, Jun 10, 2008 (BUSINESS WIRE) -- Striker Oil & Gas, Inc. (SOIS, Trade ) announced today that it has entered into an agreement to install a 4 mile gas pipeline to connect its gas production from its Catfish Creek Prospect. Striker has gas production that is shut-in from its existing wells and is expected to have significant additional production from its three wells that will be drilled in the 3rd fiscal quarter of 2008. Striker will own a 25% interest in the pipeline.

This prospect consists of over 8,000 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.

"This is another important part of the development of this prospect and will give us the access we need to begin selling gas," said Kevan Casey, Chief Executive Officer of Striker, "We expect to have this pipeline installed and completed in the 3rd fiscal quarter, and at that time we should have five wells that are ready to begin gas production which should significantly enhance the value of Striker."