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Striker Oil & Gas to Drill Three Additional Wells on Its Catfish Creek Prospect

Posted on: Monday, 9 June 2008, 09:01 CDT

Striker Oil & Gas, Inc. (OTCBB:SOIS) announced today that it has entered into a three well drilling program on its Catfish Creek Prospect located in East Texas. The first well should spud within the next 60 days with the additional wells to follow. These wells are expected to be drilled and completed during the 3rd fiscal quarter of 2008 testing the Pettit and Rodessa formations which are found in our initial two successful wells. Based on the initial wells, these three wells, if successful, should average approximately 125,000 gross barrels of oil reserves per well which equates to a combined estimate of $51,000,000 in future gross revenue at today's crude oil prices to the 100% working interest.

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.

"We are happy to begin this next phase of development on our largest prospect," said Kevan Casey, Chief Executive Officer of Striker. "The Catfish Creek prospect should be one of the biggest contributors to growing our reserves and production for 2008."

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.

Source: Business Wire

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