SOURCE: Wall Street News Alert

Wall Street News Alert

May 22, 2008 09:33 ET

Wall Street News Alert: Breaking News Alert - SOIS! May 22, 2008

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street News Alert.

WESTON, FL--(Marketwire - May 22, 2008) - Wall Street News Alert's "stocks to watch" this morning are: Striker Oil & Gas, Inc. (OTCBB: SOIS), 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

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:

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