Houston-based Striker Oil & Gas Inc. (OTCBB: SOIS) engages in the search and sale of oil and gas reserves through exploratory drilling and acquisitions of producing properties along the Texas Gulf Coast, East Texas and South Louisiana.
Today the company announced the successful completion of the second well drilled on its Catfish Creek Prospect located in East Texas, reporting that full development of the prospect may result in 20 to 40 wells. Striker has approximately 33 percent working interest before payout, and 25 percent after. The well was completed in the Pettit formation with perforations at 10,435-10,438’ and 10,448-10,458’ and was flow tested for several days prior to shutting the well in.
“We are very encouraged by the gas flow rate from this well taking into account that it has not yet been fracced,” Kevan Casey, CEO of Striker stated in the press release.
Striker focuses on the exploitation and development of existing production through modern developmental techniques. Through the announced and various other interests, the company said the upcoming year looks to be promising.
“We believe 2008 is shaping up to be a great year for Striker as we continue to develop our existing prospects and look for new opportunities that add to our reserves and ultimately shareholder value,” Casey stated.
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