Striker Oil & Gas Announces It Has Revised the Terms on Its Lavaca County Prospect and Expects Drilling to Begin This Fiscal Year
Friday, August 8th 2008
Striker Oil & Gas, Inc. announced that it has amended its original agreement on its Lavaca County prospect which reduces its carried working interest from 15% to 10% to casing point. In exchange, the company received a cash payment of $50,000. These adjustments were necessary to facilitate the drilling of the prospect. This prospect will target the Yegua sands at a depth of approximately 5,500 feet and has expected reserves of 1 to 2 Bcf of gas. Striker expects this well will be drilled during the second half of fiscal 2008.
Striker Oil & Gas, Inc. is an upstream U.S. oil and gas company headquartered in Houston, Texas and traded on the Over-the-Counter Bulletin Board (SOIS.OB). The company is engaged in the search for and sale of oil and gas reserves through both exploratory drilling and the acquisition of producing properties. Striker’s objective is to cost efficiently develop these properties and market the oil and gas production at the wellhead. Striker is strategically focused along the Texas Gulf Coast, East Texas and South Louisiana in areas of developed infrastructure and established markets. For information please visit www.strikeroil.com.
