TMX group

CALGARY, Dec. 27 /CNW/ - Strike Petroleum Ltd. ("Strike") (TSXV/SPP) is
pleased to provide an operational update.
Since September 2005 Strike Petroleum has drilled 11 exploration wells
and 1 re-entry well. The drilling program has yielded 9 gas wells; 1 oil well;
1 suspended well and 1 abandoned well resulting in a success ratio of 83%.
Given the exploratory nature of our program, we are very pleased with our
level of drilling success.
The drilling rig was released on December 9 and completions and
production testing were released on December 19. We have placed one gas well
on production and expect a second gas well on production prior to the end of
the year. Five additional wells have been licensed for pipelines and the
pipeline crews are in the field.
Strike's current daily production is 284 BOE/d. We expect to exit
December 31, 2005 with 450 BOE/d. An additional volume of 200 BOE/d will
follow as pipeline crews complete operations, expected by mid February 2006.
Strike continues to expand its land base at crown sales and farm-ins. An
additional eight sections in prospective P&NG rights have been added since
September. Three sections were purchased at Alberta land sales and five
sections were secured through farm-in agreements. We have expanded our core
areas to include Youngstown and Sedalia by successful earning wells on these
farm-in agreements. Strike presently has one commitment well planned for
January.
Further to its news release dated October 4 and 7, 2005, Strike has
completed its private placement financing, raising gross proceeds of
$4,000,000 through the issuance of 5,000,000 flow-through common shares. As a
result of the private placement offering, Strike now has 19,614,358 common
shares issued and outstanding.
Strike has also increased its banking facility to $3.5 million. The
combination of its recent financing, increased bank line and cash flow will
fund Strike's activity into the first and second quarter of 2006.

Strike is a Calgary-based junior oil and gas corporation with its
principle producing properties located at the Kirkpatrick Lake, Youngstown,
Sedalia, Jumpbush and Majorville areas of Alberta.

(1) BOEs derived by converting gas to oil in the ratio of six thousand
cubic feet of gas to one barrel of oil (6 Mcf: 1 bbl). BOEs may be
misleading, particularly if used in isolation. A BOE conversion ratio of
6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

Statements in this release which describe Strike's intentions,
expectations or predictions, or which relate to matters that are not
historical facts are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties which may cause
the actual results, performances or achievements of Strike to be materially
different from any future results, performances or achievements expressed in
or implied by such forward-looking statements. Strike may update or revise any
forward-looking statements, whether as a result of new information, future
events or changing market and business conditions.

The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.

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