Let’s check out Striker Oil & Gas’ Properties in Texas, Lousiana and Mississippi.
Properties
Texas
1 – Catfish Creek:
The Catfish Creek prospect covers a total of 8,500 acres in Henderson and Anderson counties in East Texas. The Company acquired this prospect in early 2007 and drilled the first test well on the prospect in September, 2007. The Catfish Creek #1 well tested the Rodessa formation at a depth of approximately 9,800 feet,finding both oil and natural gas in commercial quantities at an initial rate of 87 BOPD and 288 Mcf/day. The well is currently choked back to 20 BOPD and 30 Mcf/day waiting on a pipeline to be built.
More importantly, this well confirmed the presence of both oil and natural gas in the Rodessa over our large acreage position and sets up 20 to 40 additional well sites including four PUD (Proven un-developed) locations and has added significantly to the Company�s proved and probable reserves upon which the Company can build. Our second Rodessa well, the Catfish Creek #2, is scheduled to spud in the first quarter of 2008.
In addition to the Rodessa formation, the Cotton Valley formation is present across the acreage. The Cotton Valley, located at a depth of approximately 14,800 feet, has proven to be a very prolific natural gas producer throughout the surrounding region. The Company plans test the Cotton Valley in fiscal 2008.
Striker has a 33% working interest before payout and 25% working interest after payout in the prospect. The prospect has proven reserves net to Striker of 141 MBOE.
2 – North Cayuga Prospect
The North Cayuga prospect encompasses 450 total acres in Henderson County in East Texas. The Company acquired this prospect in early 2007 and drilled its first well, the Easter Seals Wells #1R in the third quarter of 2007, testing the Rodessa, the Pettit, Travis Peak, Georgetown formation. This well was deemed to be non-productive in these zones.
The Company has determined that this zone was found to be uneconomical to produce. Striker and its partners will continue to evaluate the best way to proceed on this prospect which will also include a review of all formations and a possible farm-out.
Striker has a 21% working interest before payout, and a 16% working interest after payout in this prospect.
Louisiana
3 – South Creole Field
On September 26, 2006 Striker entered into a farmout agreement to participate in a well on the South Creole prospect. This prospect is located in Cameron Parish about 50 miles south of Lake Charles, Louisiana. The Carter #29-1 was drilled to a total depth of 11,300 ft. to test the Planulina A sand formation and is currently producing 3.0 Mmcf/day of natural gas and 45 BOPD and proven reserves of 48 MBOE.
Striker has a 28.33% working interest before payout and 21% working interest after payout.
4 – North Edna Field
The North Edna Field Prospect, located in Jefferson Davis Parish, Louisiana was acquired by Striker in June, 2005. In the first quarter of 2006 the Company began to drill the Lejuene Well #1 to test the Nonion Struma formation at a depth of approximately 8,800 ft. The well was successfully logged and completed in the second quarter of 2006 and is currently producing 140 BOPD with proven reserves net to Striker of 75 MBOE. The Company has identified one additional PUD (Proven undeveloped) location which is currently being evaluated for possible drilling in 2008.
Striker has a 40% working interest in the well.
5 – Welsh Field
Striker acquired this producing field in June 2007. The field is located in Jefferson Davis Parish, Louisiana and consists of fourteen wells, two of which are saltwater disposal wells.
Two of the wells are currently in production, producing 37 BOPD. Additionally we have identified two PUD (Proven Un-developed) locations which will be drilled during 2008. The Company has a 100% working interest in the field and is the operator. The field has 263 MBOE proven reserves net to Striker.
6 – Abbeville Field
The Abbeville Field was acquired in June, 2005 and is located in Vermilion Parish, Louisiana. The acquisition was comprised of two producing wells, one saltwater disposal well and 60+ square miles of proprietary 3-D seismic data. The two wells are currently producing 28 BOPD with reserves of 12 MBOE. Striker acquired a 35% working interest in the field in the original acquisition; the Company acquired additional working interest resulting in a current working interest of 94.4% in one well and 72.7% in the second well.
Mississippi
7 – North Sand Hill Field
In August 2006 the Company acquired a 60% working interest in the North Sand Hill Field located in Greene County, Mississippi and entered into an agreement to drill a well to test the Upper Tuscaloosa formation. The Lee Walley Estate #1 well, operated by Striker, was drilled to a total depth of 6,925 feet and encountered approximately six feet of net oil pay sand. The well was completed in November 2006 and is currently shut in awaiting a re-completion rig to move perforate a new zone uphole. In addition, the Company has identified one additional PUD (Proven Un-developed) location which is currently being evaluated for possible drilling in 2008.
