Striker Oil & Gas, a natural gas and crude oil exploration and production company, has released its first quarter 2008 financial results, and – according to the company – revenues were up over 266% compared to the same period in 2007. Revenues from oil and gas were $1,179,135, compared to $322,348 in 2007. Gross profits also increased in excess of 300% from 174,468 for the 1st quarter of 2007, to $700,867 in 2008.
Highlights from the company’s quarters which contributed to their profits include: an increase in crude oil and condensate sales of 2,455 barrels in 2008, or a 39% increase over 2007 levels; and an increase in the price it received for its production from $50.60 per barrel to $97.71 per barrel, or 93%. The increased crude oil sales were attributable to increased production at North Edna Field, North Sand Hill Field, its discoveries at South Creole Field and Catfish Creek Field, and its acquisition of Welsh Field. Revenue the company received from natural gas sales at its South Creole Field increased to $316,856, which represented sales of 38,037 Mcf’s at an average price of $8.33 per Mcf.
Commenting on the revenues, Kevan Casey, CEO of Striker Oil & Gas stated, “We are pleased that our revenue growth continued in the first quarter of the 2008 fiscal year, generated by internal growth. We are confident that our existing projects, primarily our Catfish Creek prospect, will continue to add to our revenue growth during fiscal 2008.”
Striker Oil & Gas is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. The company acquires working interests in producing properties with developmental potential and properties that offer relatively low-risk exploration potential for both crude oil and natural gas.
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