Strike Oil Limited

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.

With continued growth, a strong increase in production and revenues of $10 million in the past financial year Strike Oil is well positioned for another successful year in 2008 with production from the Rayburn Project onshore Gulf Coast, Texas coming on stream.

Highlights for the quarter ended 31 March 2008:

Oil and gas revenue for the quarter was $3.48 million, up 118% on the previous quarter.
Gas production was up 72% for the quarter and oil condensate production increased by 128%.
Production facilities and pipelines completed at the Rayburn project.
Timetable set for approval and development of Rivoli gasfield in the Carnarvon Basin.

Subsequent to the end of the Quarter:

Duncan 3 has been completed for testing.
Testing and production from Duncan 2 and Gilbert Freeman 1 wells commenced.
Two wells drilled in ATP-633P, in the Cooper-Eromanga Basin.

Successful development operations at the Rayburn project have resulted in Strike Oil reaching record production revenues for the quarter. These revenues are expected to continue to increase substantially into the next quarter as more wells at Rayburn are tested and brought into production through the recently installed production pipeline infrastructure. The increased cash flows will help facilitate the funding of the Rayburn development and ongoing projects in USA and Australia.

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 approximately nine percent shareholding 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 USA. www.cometridge.com.au