Striker Oil & Gas Announces It Has Begun Operations on Its Catfish Creek Gas Pipeline
Striker Oil & Gas, Inc. (OTCBB:SOIS) announced that it has begun operations to install a 4 mile gas pipeline to connect its gas production from its Catfish Creek Prospect. The initial phase which includes obtaining the right-of-ways from the surface owners being crossed is nearing completion and the process of surveying in the gas pipeline has begun. It is anticipated that the construction process should be complete in early August, 2008. 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.
“The completion of this pipeline installation is a major step in building significant and stable cash flow from this project area,” said Bob G. Wonish, President and Chief Operating Officer of Striker. “Having the infrastructure in place will allow us to bring current and future wells online immediately.”
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.