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Sydney, Oct 4, 2012 (ABN Newswire) - United States focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to report that during the final week of September 2012 the Company achieved a key production milestone with an average oil and gas production of 500 barrels of oil equivalent per day.
The significant increase in average daily production was due primarily to the contribution of only two new wells coming on stream at the company's 100% owned Snake River Project in North Oklahoma.
The #20-1 vertical well achieved a 30-day initial production average of 95 boepd, and the #20-3 vertical well achieved a 7-day initial production average of 92 boepd.
AusTex is extremely encouraged by the performance of these two new production wells and the company confirms that the vertical well development program is continuing with six additional vertical wells now in various stages of development.
Of note, the #20-5 is being completed and connected to the tank battery this week. A further two vertical wells are expected to be drilled this month.
Executive Chairman Richard Adrey commented: "This production performance is an early confirmation of the consistent production we are likely to record from October onward, and it reflects the impact of our ongoing vertical well development program at Snake River.
"Of particular note is the performance of the #20-1 after 30 days. For some time we have been saying that we want to deliver wells into production that have more sustainable and consistent production rates and the #20-1 reflects this.
"Importantly, this production confirms that we are in the early stages of building a revenue profile which will help to fund AusTex's future growth.
"Shareholders should be aware that AusTex's production, while pleasing, is still in its infancy. With three vertical wells in the development phase, a further six vertical production wells to be drilled this calendar year, and a planned horizontal well participation program with Range Resources, we are confident that our production profile is only just being established."
View the full AusTex Oil announcement including the well status update, at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-698391.pdf
ASX:AOK) (OTCQX:ATXDY) is pleased to report that during the final week of September 2012 the Company achieved a key production milestone with an average oil and gas production of 500 barrels of oil equivalent per day.The significant increase in average daily production was due primarily to the contribution of only two new wells coming on stream at the company's 100% owned Snake River Project in North Oklahoma.
The #20-1 vertical well achieved a 30-day initial production average of 95 boepd, and the #20-3 vertical well achieved a 7-day initial production average of 92 boepd.
AusTex is extremely encouraged by the performance of these two new production wells and the company confirms that the vertical well development program is continuing with six additional vertical wells now in various stages of development.
Of note, the #20-5 is being completed and connected to the tank battery this week. A further two vertical wells are expected to be drilled this month.
Executive Chairman Richard Adrey commented: "This production performance is an early confirmation of the consistent production we are likely to record from October onward, and it reflects the impact of our ongoing vertical well development program at Snake River.
"Of particular note is the performance of the #20-1 after 30 days. For some time we have been saying that we want to deliver wells into production that have more sustainable and consistent production rates and the #20-1 reflects this.
"Importantly, this production confirms that we are in the early stages of building a revenue profile which will help to fund AusTex's future growth.
"Shareholders should be aware that AusTex's production, while pleasing, is still in its infancy. With three vertical wells in the development phase, a further six vertical production wells to be drilled this calendar year, and a planned horizontal well participation program with Range Resources, we are confident that our production profile is only just being established."
View the full AusTex Oil announcement including the well status update, at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-698391.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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