WESTON, FL , CREDO Petroleum Corporation (NASDAQ: CRED) Blue
Dolphin Energy Company, (NASDAQ: BDCO), National Oilwell Varco,
Inc. (NYSE: NOV).
Having recently announced this month that it expects fiscal 2008
revenue to increase to $5,000,000 versus $3,000,000 for fiscal
2007, Striker Oil & Gas, Inc. (OTCBB: SOIS) should have
investors monitoring the stock closely. Yesterday the company, an
upstream U.S. oil and gas company, issued a press release
announcing that its first quarter results for fiscal 2008 reflect
revenues up over 266% compared to the same period in 2007.
This is great news for the company and its investors, as the
press release also states that the company increased its gross
profit from oil and gas operations in excess of 300% for the same
period to $700,867! According to the press release: During the
quarter ended March 31, 2008, Striker Oil & Gas realized an
increase in revenue of $856,787, or 266%, over the 2007 period. The
company experienced an increase in crude oil and condensate sales
of 2,455 barrels in 2008, or a 39% increase over 2007 levels, and
an increase in the price it received for its production from $50.60
per barrel to $97.71 per barrel, or 93%. The increased crude oil
sales were attributable to increased production at North Edna
Field, North Sand Hill Field, its discoveries at South Creole Field
and Catfish Creek Field and its acquisition of Welsh Field. Revenue
the company received from 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 reported no gas
sales in the 2007 period.
Gross profit before depletion expense increased from $174,468
for the 2007 period to $700,867, an increase of 302%, for the 2008
period. As previously discussed, the company experienced a
significant increase in revenue from its recent discoveries and
acquisition which contributed to the increase in gross profit.
Striker Oil & Gas reported a net income applicable to common
shares of $394,762, or $.02 per share (basic and diluted) for the
quarter ended March 31, 2008, compared to a net loss of $1,503,884,
or $0.08 per share (basic and diluted) for the quarter ended March
31, 2007.
"We are pleased that our revenue growth continued in the first
quarter of the 2008 fiscal year, generated by internal growth. We
are confident that our existing projects, primarily our Catfish
Creek prospect, will continue to add to our revenue growth during
fiscal 2008," stated Kevan Casey, CEO of Striker Oil & Gas.
For the complete report of the company's audited consolidated
financial statements for the quarter ended March 31, 2008, please
review the company's Form 10-Q filed with the Securities and
Exchange Commission on May 20, 2008, at www.sec.gov.
Investors looking to benefit from the energy sector are going to
watch this one closely! On May 6th 2008, the company announced that
it expects fiscal 2008 revenue to increase to $5,000,000 versus
$3,000,000 for fiscal 2007. This would represent a 66% increase and
would be attributed to continued development and remediation of its
current prospects.
SOIS closed Wednesday at Sixty Eight cents a share.
In case you are not familiar with the company: Striker Oil &
Gas, Inc. is primarily engaged in the acquisition, development,
exploration and production of crude oil and natural gas. The
company acquires working interests in producing properties with
developmental potential and properties that offer relatively low
risk exploration potential for both crude oil and natural gas.
Striker Oil & Gas operates onshore along the Gulf Coast of
Texas and Louisiana as well as East Texas and Mississippi. The
Company strives to enhance asset value through application of
current production technology while keeping costs low. The
company's goal is to achieve a high return on its investment and
grow shareholder value.
CREDO Petroleum Corporation (NASDAQ: CRED) up 32.1% on 397,000
shares traded.
CREDO Petroleum Corporation is a publicly traded independent
energy company headquartered in Denver, Colorado. The company is
engaged in the exploration for and the acquisition, development and
marketing of natural gas and crude oil in the Mid-Continent and
Rocky Mountain regions.
Blue Dolphin Energy Company (NASDAQ: BDCO) up 29.8% on 1.8
million shares traded.
Blue Dolphin Energy Company is engaged in the gathering and
transportation of natural gas and condensate and production of oil
and gas.
National Oilwell Varco, Inc. (NYSE: NOV) up 2.9% on 15.3 million
shares traded.
National Oilwell Varco is a worldwide leader in the design,
manufacture and sale of equipment and components used in oil and
gas drilling and production operations, the provision of oilfield
services, and supply chain integration services to the upstream oil
and gas industry.
Market Commentary:
"Like a runaway train, oil prices soared past the $130 mark,
topping over $133 per barrel in afternoon trading, on news of a
report from the Energy Department's Energy Information
Administration, which said crude inventories fell by more than 5
million barrels last week. Analysts had expected a modest
increase," stated Sonja Rudd in Wall Street News Alert's daily
commentary continued at: http://www.WallStreetNewsAlert.com.
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