Strike Oil's AD Kennison Well to Be Abandoned

Strike announced that the AD Kennison #1 well on the West Plumb Bob Prospect has reached its revised total depth of 18,600 feet. Logs did not indicate the presence of commercial hydrocarbons and the operator has recommended that the well be plugged and abandoned.

While the result for this particular well is disappointing, it reflects the high risk, high reward nature of the well.

Strike has committed to participate in one further conventional exploration well as part of its ongoing Eaglewood Joint Venture program which is expected to spud later this month and will target a 15 Bcf prospect in the Upper Wilcox Formation.

Strike's strategy is to continue to develop its three high-impact unconventional oil and gas projects. The company has already announced two wells that will evaluate its Cooper Basin acreage and is working with joint venture partners to confirm unconventional drilling programs for the Eagle Ford and Permian Basin assets.