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Sydney, July 31, 2012 (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is an oil and gas exploration and production company with operations in Kansas and Oklahoma, in the mid-continent of the United States of America.
The quarterly report to June 30, 2012 highlights follow:
Fast Tracks Mississippi Lime development in Northern Oklahoma
- First Horizontal Mississippi Lime well in production
- - 30 -day average 1,258 boe/day - AOK 13.76%
- Operations team drilling 2 vertical wells per month
- - Four vertical production wells now in production
- - Four vertical production wells cased - waiting on completion
- - Drilling contract in place for to drill two vertical wells per month
- 2nd Production Hub established with SWD facilities completed
Development delivers production growth
- June monthly oil and gas production averaging 300 boe/day (July revenue)
- Production to increase as new wells come on line each month
- Oil and gas sales gross revenue $US1.05m for quarter ($790,000 net to AOK)
AOK progressing work on Kansas Mississippi Lime acreage
- Completes seismic review on 27,100 gross acres (17,000 net acres)
- Multiple prospects identified - further exploratory drilling underway
51-101 Independent Reserve Report completed
- 2P Reserves 5.9m Barrels of Oil Equivalent
- Proved and Probable Net Reserves (2P) estimated with a 10% NPV at $US158.4m (48 cents per share)
Funding initiatives finalised
- Shareholders approve 2nd Stage of Placement and Convertible Note Issue
- $7.2m Cash at Bank as at 30 June
For the full release please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-687968.pdf
ASX:AOK) (OTCQX:ATXDY) is an oil and gas exploration and production company with operations in Kansas and Oklahoma, in the mid-continent of the United States of America.The quarterly report to June 30, 2012 highlights follow:
Fast Tracks Mississippi Lime development in Northern Oklahoma
- First Horizontal Mississippi Lime well in production
- - 30 -day average 1,258 boe/day - AOK 13.76%
- Operations team drilling 2 vertical wells per month
- - Four vertical production wells now in production
- - Four vertical production wells cased - waiting on completion
- - Drilling contract in place for to drill two vertical wells per month
- 2nd Production Hub established with SWD facilities completed
Development delivers production growth
- June monthly oil and gas production averaging 300 boe/day (July revenue)
- Production to increase as new wells come on line each month
- Oil and gas sales gross revenue $US1.05m for quarter ($790,000 net to AOK)
AOK progressing work on Kansas Mississippi Lime acreage
- Completes seismic review on 27,100 gross acres (17,000 net acres)
- Multiple prospects identified - further exploratory drilling underway
51-101 Independent Reserve Report completed
- 2P Reserves 5.9m Barrels of Oil Equivalent
- Proved and Probable Net Reserves (2P) estimated with a 10% NPV at $US158.4m (48 cents per share)
Funding initiatives finalised
- Shareholders approve 2nd Stage of Placement and Convertible Note Issue
- $7.2m Cash at Bank as at 30 June
For the full release please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-687968.pdf
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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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