Striker Oil & Gas, Inc. announced that it has entered into a three well drilling program on its Catfish Creek Prospect located in East Texas. The first well should spud within the next 60 days with the additional wells to follow. These wells are expected to be drilled and completed during the third fiscal quarter of 2008 testing the Pettit and Rodessa formations which are found in our initial two successful wells. Based on the initial wells, these three wells, if successful, should average approximately 125,000 gross barrels of oil reserves per well which equates to a combined estimate of $51 million in future gross revenue at today's crude oil prices to the 100% working interest.
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.
"We are happy to begin this next phase of development on our largest prospect," said Kevan Casey, Chief Executive Officer of Striker. "The Catfish Creek prospect should be one of the biggest contributors to growing our reserves and production for 2008."
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