Strike Energy: Eaglewood JV to Spud First of 2 Wells Soon

Strike Energy has provided the following update on its US activities.

Bateman Lake Joint Venture, Louisiana

The Driskill Land Co 1 well, which spudded on 15 January 2010, reached a total depth of 8,962 feet (2,732 meters) and completed logging on January 31, 2010.

Interpretation of data including the wireline logs indicated that no commercial hydrocarbons were intersected. The well is being plugged and abandoned.

Eaglewood Joint Venture, Texas

The first of two wells due to spud in February by the Eaglewood Joint Venture is expected to commence in the next few days. The first of these, the Gardner Duncan No 1 well is on the Louise prospect, in Wharton County, and has a prospective resource potential of 30 billion cubic feet of gas. Strike Energy has a 30% interest in the prospect.

Further information will be reported when the well has spudded.

The Louise prospect is on the same trend as the existing successful producing projects, Mesquite and Rayburn, which produce from the prolific Wilcox Formation