Striker Oil & Gas, Inc. (OTCBB: SOIS) is an upstream U.S. oil and gas company 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.
Company Strategy
The key to Striker�s success and ongoing strategy is the recent emplacement of a seasoned executive team with a proven track record. The corporate goals will be met by dedicated, highly skilled professionals and support staff throughout all aspects of the organization; from exploration and operations to accounting and finance.
The company’s strategy is to engage in a continuing program of low to moderate risk exploration projects which offer repeatability and growth potential in the proven petroleum basins of Texas and Louisiana. Striker will work with a lean staff, operating efficiently while controlling overhead costs. They will operate projects where their expertise can maximize results and minimize costs. The company will form partnerships where necessary with successful E&P companies in efforts to leverage off of their project specific expertise.
Striker is continually seeking property acquisitions as part of its ongoing growth strategy. For consideration, potential acquisitions should meet the following criteria: (1) should be located within Striker�s primary focus regions of the Texas Gulf Coast, East Texas and South Louisiana, or a new area that would strategically enhance Striker�s overall asset base ; (2) should be accretive to earnings, cash flow and reserves; (3) should provide synergy with personnel and existing infrastructure; (4) should meet company economic thresholds. Striker�s management is constantly reviewing opportunities to expand the depth and breadth of the portfolio in Striker�s core regions.
Striker Oil & Gas applies sound technology including detailed geology, advanced geophysics and remote sensing where needed to identify new, high quality prospects and assess the associated risks of each investment opportunity.
An important part of the Striker Oil & Gas business model is to effectively manage the producing portfolio through both sound field operations and ongoing asset management. This practice, in concert with its technical and commercial expertise, allows the company to successfully develop its expanding acreage position and drilling inventory.
Environment & Safety
Striker recognizes it has a responsibility to the public and the company strives to ensure that Striker Oil & Gas consistently operates according to the highest standards to protect the environment, the public and industry personnel. This commitment includes a corporate concern for the environment, the health and safety of their employees as well as the public, strong corporate governance and philanthropic support of worthwhile community service organizations.
The company is particularly proud of its environmental record. Striker Oil & Gas recognizes that they are stewards of the land and water where they operate. They strive to assure that their field operations have minimal impact on the surrounding environment.
International Offshore Concessions Joint Development Agreement
Striker announced in late April that it had signed a non-exclusive Joint Development Agreement with GEO Corporation Ltd., an Indonesian oil and gas company, to evaluate offshore prospects located in Indonesia. GEO Corporation has previously obtained onshore concessions from Indonesia�s state owned oil and gas company, Pertamina, and is well positioned to begin reviewing offshore opportunities. Pertamina is one of the world�s largest energy companies with more than $42 billion in annual revenue.
Kevan Casey, Chief Executive Officer of Striker, said, “I recently had the privilege of traveling to Indonesia to meet with GEO Corporation and a senior official of Pertamina and I believe that there is a lot of opportunity there. Striker will continue to focus on developing its core domestic assets but I believe that this agreement provides us an opportunity for international expansion if the right offshore concession is obtained.”