The first well is expected to be spud within 60 days with additional wells expected to follow. Based on previous wells, these three wells, if successful, are expected to average approximately 125,000 gross barrels of oil reserves per well which equates to a combined estimate of $51 million in future gross revenue at current crude oil prices and 100% working interest.
This prospect consists of over 8,000 gross acres with depths reaching 100ft below the base of the Pettit formation. Full development of this prospect could reportedly result in 20-40 wells. Striker has a 33% working interest before payout in this prospect.
Kevan Casey, Striker’s CEO, said: We are happy to begin this next phase of development on our largest prospect. The Catfish Creek prospect should be one of the biggest contributors to growing our reserves and production for 2008.
