Striker Exploration Corp. (SKX-V) added five cents to $1.50 on 130,100 shares, after putting out its first news release since it rolled back 1 for 20 and changed its name from Elkwater Resources last month. Those were just two of many changes over the last nine months. Last summer, the company recapitalized, appointed Doug Bailey as president and CEO, and set up a board of directors that includes Neil Roszell (president and CEO of Raging River Exploration Inc. (RRX-T), John Ferguson (the same at RMP Energy Inc. (RMP-T) and Pat Ward (the same at Painted Pony Petroleum Ltd. (PPY-T). They and other new insiders bought tens of millions of 10-cent shares through various financings. In October, the company found a use for some of the cash, announcing two Alberta acquisitions that would boost production by about 2,500 barrels a day. It also proposed yet another financing. By the time the dust settled, the company had 536 million shares outstanding, up from 19 million before the recapitalization. It rolled back 1 for 20 and changed its name to Striker last month. Now it has released an update on reserves, operations and another acquisition. The reserves are not worth comparing with last year's figures because of all the big changes, but they set up a useful starting point for next year. Operationally, Striker talked up two Belly River oil wells, both of which are showing better-than-modelled production. They compare nicely with the wells of DeeThree Exploration Ltd. (DTX-T), which was one of the first companies in the Belly River, gets over half of its production from there and has sometimes complained that it does not have enough neighbours to help with promotion. Striker no doubt hopes to do its part. It has just spent $1.75-million to acquire more Belly River assets that are producing 45 barrels a day.
Message 29998873 |
