Striker Oil & Gas Announces It Has Re-Established 71 Barrels Per Day Gross Production on Its LeJeune Well
01/29 4:30 am (BUS)
Striker Oil & Gas, Inc. (OTCBB: SOIS) announced today that it has
re-established production on its LeJeune No. 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.
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 it had increased its fiscal 2008
revenue 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.
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, Inc., Houston
Kevan Casey,
713-402-6700
Investors@strikeroil.com
