Striker Oil & Gas, Inc. has begun operations to install a 4 mile gas pipeline to connect its gas production from its Catfish Creek Prospect in East Texas. The initial phase which includes obtaining the right-of-ways from the surface owners being crossed is nearing completion and the process of surveying in the gas pipeline has begun. It is anticipated that the construction process should be complete in early August, 2008. Striker has gas production that is shut-in from its existing wells and is expected to have significant additional production from its three wells that will be drilled in the third fiscal quarter of 2008. Striker will own a 25% interest in the pipeline.
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.
"The completion of this pipeline installation is a major step in building significant and stable cash flow from this project area," said Bob G. Wonish, President and Chief Operating Officer of Striker. "Having the infrastructure in place will allow us to bring current and future wells online immediately."
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