Profile: Striker Oil & Gas Inc (SOIS.PK)
Striker Oil & Gas, Inc. (Striker), formerly Unicorp, Inc., incorporated in May 1981, is engaged in the exploration, acquisition, development, production and sale of natural gas, crude oil and natural gas liquids primarily from conventional reservoirs within the United States. A majority of the Company’s operations are in the states of Louisiana, Mississippi and Texas. Its properties include Abbeville Field, North Edna Prospect, North Sand Hill Field, South Creole Prospect, North Cayuga Prospect, Catfish Creek Prospect, Welsh Field and West Abbeville Prospect. As of December 31, 2007, the subsidiaries of the Company were Affiliated Holdings, Inc. (AHI), Marcap International, Inc. (Marcap) and Laissez-Faire Group, Inc. (LFGI). Effective February 2, 2006, the Company entered into a 38 month lease, beginning April 1, 2006, for approximately 5,582 square feet of office space from Walton Houston Galleria Office, L.P. (Walton).
Abbeville Field-Vermillion Parish, Louisiana
Effective June 1, 2005, the Company completed the purchase of two producing oil wells and a saltwater disposal well with production facilities in the Abbeville Field located in Vermillion Parish, Louisiana. The Company had an approximate 35% working interest in the property. During the year ended December 31, 2005, the Company acquired additional working interests from individuals in the Abbeville Field, which has resulted in the Company owning 95.4% and 72.7% working interests in each producing oil well, respectively. The two wells are producing approximately 26 gross barrels of oil per day. The Company is the designated operator of the field and has contracted with a contract operator to operate the field on its behalf.
North Edna Field-Jefferson Davis Parish, Louisiana
Effective June 8, 2005, the Company obtained a 40% before payout working interest (29.6% net revenue interest) and a 30% after payout working interest, in a prospect to drill an approximate 9,000 foot test well in Jefferson Davis Parish, Louisiana. The Lejuene Well No. 1 was drilled to a total depth of approximately 8,800 feet and logged on March 29, 2006. The logs indicated approximately 10 feet of oil pay in the Nonion Struma section. The well was completed during 2006, and initially produced at approximately 120 gross barrels of oil per day beginning in August 2006. The initial formation from which the well was producing has depleted and the well has been recompleted to a new formation uphole. The well has produced approximately 140 barrels of oil per day since the well was recompleted in August 2007. Two additional well locations were identified on this prospect. Drilling operations on the first well of these two wells began on June 6, 2007, and on July 13, 2007, based upon electric logs run in the well, it was determined to be non-productive and the well was plugged and abandoned.
North Sand Hill Field-Greene County, Mississippi
The Company entered into an agreement to drill an approximate 6,800 foot well to test the Upper Tuscaloosa formation in Greene County, Mississippi. The Lee Walley Estate Well No. 2 was drilled to a total depth of approximately 6,925 feet and encountered approximately six feet of oil pay sands. The well has been completed and initially produced at approximately 85 barrels of oil per day. The current formation from which the well was producing has been depleted and the Company is performing workover operations on the well to add additional perforations to increase production. The Company has a 60% working interest and an approximate 47.55% net revenue interest. An additional well location has been identified in this field.
South Creole Prospect-Cameron Parish, Louisiana
In September 2006, the Company entered into a farmout agreement to participate in the South Creole prospect located in Cameron Parish, Louisiana. The South Creole prospect was drilled to a depth of approximately 11,300 feet to test the Planulina A sand. The Company has 28.33% before payout working interest and an approximate 19% before payout net revenue interest in the well. Electric logs indicated approximately 35 feet of pay sand in the Planulina A sand. During May 2007, the well began producing and as of April 11, 2008, is producing approximately 3,000 gross thousand cubic feet (Mcf) of gas per day and 44 gross barrels of condensate per day.
North Cayuga Prospect-Henderson County, Texas
In January 2007, the Company entered into an agreement to participate in the North Cayuga prospect located in Henderson County, Texas. The Easter Seals Well No. 1-R has been drilled to a depth of approximately 9,000 feet and the well is being completed in the Rodessa Bacon Lime sand. Production facilities have been installed. This prospect, comprised approximately 450 gross acres, has the potential for eight wells. The Company has a 21% before payout working interest in the initial well and an approximate 16% working interest in all subsequent wells in this prospect. The Rodessa, Pettit, Travis Peak, Georgetown, Cotton Valley and Bossier sands are also productive zones for which this geographic area is known.
Catfish Creek Prospect-Henderson and Anderson Counties, Texas
In April 2007, the Company entered into a participation agreement to participate in the Catfish Creek prospect located in Henderson and Anderson Counties, Texas. The operator of this prospect recompleted the Catfish Creek Well No. 1, which flow tested 87 gross barrels of oil and 266 gross Mcf of gas per day. Production is from the Rodessa Bacon Lime formation, which is located between 9651 to 9658 feet deep. As of April 11, 2008, the Catfish Creek Well No. 1 is producing approximately 20 gross barrels of oil per day and, due to the lack of a gas gathering system, is flaring approximately 30 gross Mcf of gas per day. Drilling operations on the Catfish Creek Well No. 2 began in February 2008, and based upon electric logs, production casing has been run in the well.
The Catfish Creek prospect consists of over 8,000 gross acres, in which the Company along with its partners has mineral rights to a depth of 10,600 feet, and the option to participate in wells below 10,600 feet. These formations are prolific hydrocarbon producers in other fields in the region.
Welsh Field-Jefferson Davis Parish, Louisiana
Effective June 1, 2007, the Company closed on a transaction and acquired a 100% working interest (75% net revenue interest) in the Welsh Field located in Jefferson Davis Parish, Louisiana from two separate sellers. On June 1, 2007, the Welsh Field had two wells producing approximately 45 gross barrels of oil per day, two salt water disposal wells and an additional 10 wells, which were not producing. Upon closing of the purchase, the Company began operations to repair one saltwater disposal well and two shut-in wells, which were not producing due to mechanical problems. The Company has saltwater disposal limitations and because of this, is limited to the amount of oil, which it can produce from the four wells capable of production. As of April 11, 2008, the Welsh Field is producing approximately 37 gross barrels of oil per day from two wells. In addition to the Welsh Field, the Company obtained additional acreage in the North, Northeast and Northwest Welsh prospects
West Abbeville Prospect-Vermillion Parish, Louisiana
The Company has identified a prospect located in West Abbeville in Vermillion Parish, Louisiana utilizing its previously purchased 60 square miles of three-dimensional (3-D) seismic data it acquired with the Abbeville Field purchase. The Company’s consulting geophysicist utilized the seismic data to map and identify this prospect. In addition, the Company has received satellite technology data over the area to further delineate the prospect.
Striker Oil & Gas Inc
5075 Westheimer Rd Ste 975
HOUSTON TX 77056-6647