Striker Oil & Gas Announces It Has Completed Its 4 Mile Gas Pipeline on Its Catfish Creek Prospect & Expects Initial Producti...
December 11 2008 - 6:10PM
Business Wire
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. 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.
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