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Sydney, Jan 30, 2012 (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) is pleased to provide a report on Northern Oklahoma Production Update - 2nd Mississippi Lime well exceeds expectations.
- ETU #14-5 Well 30 day IP averages 90 boe/d.
Snake River Project - 6,000 acres Northern Oklahoma
AOK 100% WI ~80% NRI
ETU #14-5 - Production Update
The well has now been tested for a period of 30 days with an Electric Submersible Pump. During this period the well was shut in at various times for final adjustments.
On 14 January 2012, a peak 24 hour rate of 90 bopd and 100 mcf/d was recorded being 106 boe/day. Since production testing began the well has averaged 90 boe/d (80% Oil).
Fluid level in the well is still approximately 2,000 feet above the highest perforations.
Speaking from Tulsa, Richard Adrey, Executive Director of AOK stated "We see the Mississippi Lime play as a unique reservoir that is in the very early stages of optimization. We have aligned ourselves with hydraulic fracturing specialists with decades of experience in unconventional reservoir exploitation. To date we are very pleased with the results of our approach, and are on pace for an investment recovery in this well within six months with decline-curves factored in."
ASX:AOK) is pleased to provide a report on Northern Oklahoma Production Update - 2nd Mississippi Lime well exceeds expectations.- ETU #14-5 Well 30 day IP averages 90 boe/d.
Snake River Project - 6,000 acres Northern Oklahoma
AOK 100% WI ~80% NRI
ETU #14-5 - Production Update
The well has now been tested for a period of 30 days with an Electric Submersible Pump. During this period the well was shut in at various times for final adjustments.
On 14 January 2012, a peak 24 hour rate of 90 bopd and 100 mcf/d was recorded being 106 boe/day. Since production testing began the well has averaged 90 boe/d (80% Oil).
Fluid level in the well is still approximately 2,000 feet above the highest perforations.
Speaking from Tulsa, Richard Adrey, Executive Director of AOK stated "We see the Mississippi Lime play as a unique reservoir that is in the very early stages of optimization. We have aligned ourselves with hydraulic fracturing specialists with decades of experience in unconventional reservoir exploitation. To date we are very pleased with the results of our approach, and are on pace for an investment recovery in this well within six months with decline-curves factored in."
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About AusTex Oil Limited
AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is an Australia-based company. The Company is engaged in the development of oil and gas leases in the United States. It produces oil and gas from leases in Oklahoma and Kansas. It is also engaged in the exploration, development and production of hydrocarbons in the United States. Its wholly owned subsidiaries include International Energy Corporation (Oklahoma), International Energy Corporation (Kansas) and Well Enhancement Services LLC. During the year fiscal year ended March 31, 2009 (fiscal 2009), the Company was engaged in the drilling of three wells on the Lancaster Lease group, Tulsa County; two wells on the Sweet Unit, Pawnee County, and one well on the BlueHawk Project in Osage County.
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