Please note our new telephone number is (08) 6103-0999.

AN AUSTRALIAN BASED OIL AND GAS EXPLORER AND PRODUCER WITH OPERATIONS IN AUSTRALIA AND THE USA; STRIKE OIL’S OPERATIONS ARE FOCUSED ON SOME OF THE MOST PRODUCTIVE OIL AND GAS BASINS IN THESE COUNTRIES.

“Strike Oil continued to realise excellent operational margins from its US Onshore Gulf Coast production business during the quarter, whilst also advancing its large scale Australian coal seam gas (CSG), oil exploration and coal-to-liquids/energy projects. These efforts are directed to achieving growth in all of four areas in the coming months – with clear value steps identified for each.

Our business has been reorganised and strategic focus adjusted to meet these aims, which will also deliver a considerably reduced overhead structure.”

Managing Director’s Report, March Quarter 2009

Highlights for the quarter ended 31 March 2009:

• Produced over 1,100 barrels of oil equivalent (boe) per day (9.2 mmcf gas, 220 bbl oil-condensate) from the Rayburn and Mesquite fields, delivering:
• $7.1 million oil and gas sales revenue
• 55% gross margin
• $4.8 million EBITDAX
• Southern Cooper Project (PELA 96) approaches execution of native title agreement as a final step before permit issue (permit granted subsequent to end of quarter).
• Securing rights over the entire Baniyas structure in Carnarvon Basin considered imminent.
• A$12.8 million cash at 31 March 2009..
• A$3.4 million Comet Ridge Limited investment (market value as at 28 April 2009).
• US$6.3 million debt at 31 March 2009 - four year repayment schedule.

Founded in 1997, Strike Oil has been trading on the Australian Securities Exchange since 2004. Strike Oil’s office is located in Perth, Western Australia. To find out more about the company and our activities select one of the options at the top of the page or view recent releases listed at right.

In addition to oil and gas exploration and production, Strike Oil has established a wholly owned subsidiary Hybrid Energy Australia Pty. Ltd. This company is committed to producing quality liquid fuels and generating low-emissions electricity from its Kingston Lignite deposit in South Australia. www.hybridenergyaustralia.com.au

Strike Oil also maintains a small shareholding (approximately 1.3 %) in its previously wholly owned subsidiary Comet Ridge Limited, a company now actively involved in coal seam gas exploration plus oil and gas exploration opportunities in Australia and NZ. www.cometridge.com.au