SOIS Striker Oil and Gas Inc (CE)

Striker Oil & Gas, Inc. (OTCBB:SOIS) announced today that its second quarter results for fiscal 2008 reflect revenues up over 126% compared to the same period in 2007. The company also increased its gross profit from oil and gas operations in excess of 222% for the same period, to $674,281. The following table represents the company�s results from operations for the six months ended June 30, 2008 and 2007, excluding non-cash charges. This presentation is not in accordance with GAAP, however, it reflects the operating results had the non-cash charges to expense been excluded. � � Three Months Ended June 30, 2008 � 2007 � Oil and gas revenue $ 1,456,526 $ 643,554 Oil and gas production costs 278,599 � 137,254 � Gross profit 1,177,927 506,300 Operating expenses 1,260,304 � 985,483 � Income (loss) from operations before non-cash charges (82,377 ) (479,183 ) � Reconciliation to GAAP financials: � Add back: Depletion and depreciation expense 503,646 296,587 Stock and stock option expense 663,533 32,678 Impairment of oil and gas properties (109,385 ) - Depreciation 12,876 � 11,154 � Total non-cash charges 1,070,670 � 340,419 � Loss from operations $ (1,153,047 ) $ (819,602 ) During the three months ended June 30, 2008, Striker Oil & Gas realized an increase in revenue of $812,972 or 126%, over the 2007 period. The company experienced a decrease in crude oil and condensate sales of 1,944 barrels in 2008, or a 29% decrease from 2007 levels, and an increase in the price it received for its production from $61.46 per barrel to $120.61 per barrel, or 96%. The decrease in crude oil sales was attributable to decreased production in the LeJune and Lee Wally wells. Revenue that the company received from its natural gas sales at its South Creole Field increased to $316,856, which represented sales of 38,037 Mcf�s at an average price of $8.33 per Mcf. The company did not have any gas revenues in during the three months ended June 30, 2007. Gross profit before depletion expense increased from $506,300 for the 2007 period to $1,177,927 in 2008, an increase of 320%. As previously discussed, the company experienced a significant increase in gas revenues which contributed to the increase in gross profit. Striker Oil & Gas reported a net loss applicable to common shares of $6,856,090, or $0.33 per share (basic and diluted) for the three months ended June 30, 2008, compared to a net loss of $1,502,135, or $0.07 per share (basic and diluted) for the three months ended June 30, 2007. �We are pleased that we continued to show good revenue growth even though we had several wells that were down due to various mechanical issues during the 2nd fiscal quarter,� stated Kevan Casey, CEO of Striker Oil & Gas. "We believe that the second half of 2008 will continue to show consistent growth and we are on track to hit our projected revenues of $5 million for this fiscal year.� About Striker Oil & Gas 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. Safe Harbor Statement This press release contains statements that may constitute forward-looking statements, including the company�s ability to successfully acquire oil and gas properties and drill commercial wells. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Striker�s future business and financial results, refer to our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-KSB and the other filings we make with the Securities and Exchange Commission (www.sec.gov). Striker undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.