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| Share | January 30, 2009
Penny Stocks Alert: Striker Oil & Gas announces it has Re-Established 71 Barrels per Day Gross Production on its Lejeune Well!! - (MobiWire) |
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With 2008 financial numbers announced this week, and additional news just released, Striker Oil & Gas, Inc. (OTCBB: SOIS) should have investors monitoring this stock. Yesterday after the markets closed, the company, an upstream U.S. oil and gas company, issued a press release announcing that it has re-established production on its LeJeune No.1 well in its North Edna prospect located in Jefferson Davis Parish, Louisiana at an average daily rate of 71 barrels of oil per day.
According to the release, the North Edna prospect also has an additional well location that has been classified as a Proven Undeveloped Drilling (PUD) location and has been assigned gross reserves of 428,000 barrels split evenly between the PUD and Probable Undeveloped categories by our independent third party reserve engineers. This additional well is forecasted to be drilled in fiscal 2009 to a depth of approximately 9,000 feet to test several zones that have been previously identified in the prospect area.
Striker has a 25.9% net revenue interest in the initial well and an approximate 18% net revenue interest in any subsequent wells on the North Edna prospect.
The company previously reported that its revenue had increased its fiscal 2008 revenue increased by 24% to $3,800,000 compared to the same period in 2007. The company missed its previous guidance of $5,000,000 due to a disruption in its production from both Hurricanes Gustav and Ike and also the significant drop in hydrocarbon prices however the company has since restored production and does not anticipate any further issues caused by the previous hurricanes.
In Tuesday's press release, Kevan Casey, Chief Executive Officer of Striker stated, "Although 2008 proved to be a very challenging year we are pleased that we were still able to achieve positive revenue growth over the previous year. We will continue to focus on our Catfish Creek Prospect and believe this will be the main factor in our continued growth for 2009."
("Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.)
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