Strike Energy — Eagle Ford Shale News

Strike Energy now holds over 6,200 net acres across southern Fayette County and Lavaca County. Drilling will start sometime in the fourth quarter or early 2012.

Strike has a 27.5% working interest in Eagle Landing Joint Venture, which has been building a lease hold position within the Eagle Ford Shale trend in Texas. The Eagle Ford Shale has rapidly emerged as one of the USA’s most sought after unconventional gas and liquids plays.

The Joint Venture has now increased its lease position to 22,764 acres (6,260 acres net to Strike). Recently reported production rates from Eagle Ford Shale wells adjacent to Strike’s acreage have confirmed the extension of the Eagle Ford productive trend. The Joint Venture is planning to further evaluate the acreage through a drilling program over the next six months.

Read the full press release at strikeenergy.com.au

Strike Energy is continuing on from a recent acreage deal in the South Texas Eagle Ford and is now raising capital to fund development. The company's recent deal included acreage in Fayette County, TX. While $17 million won't get you far in the Eagle Ford, it is enough to drill a couple of pilot wells to better understand your acreage.

"The company will raise $7.4 million through a placement at 15 cents a share with private equity investor M H Carnegie & Co taking 50 per cent of the shares on offer and lead manager Blackswan Equities placing the balance of shares with clients.""Strike said the funds raised would be used to advance its Eagle Ford Shale project in Texas and the Wilcox formation slope play in Louisiana and provide additional working capital."

"Strike's managing director Simon Ashton said he believed that some of the company's new assets had the potential to be 'game-changing' energy assets."

Read the full news release at TheWest.com.au