AusTex Oil Limited (ASX:AOK) Pratt No.1 Well Encountered Free Oil And Gas
Sydney, Jan 28, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) is pleased to announce the following update on drilling operations underway in Kansas.
Castle Resources Inc. (CVE:CRI) (PINK:CUNCF), as operator, advises that drilling on the Pratt #1 well has reached 3,862 feet and has encountered free oil and gas in the Toronto Formation between 3,827 feet to 3,862 feet. A Drill Stem Test is underway to test this zone before drilling continues to the Topeka and Lansing Kansas City Formations.
The Pratt #1 well is located to the north of the Clark #1 discovery well with a projected TD of 4,400 feet. 3D seismic conducted on the 26,500 acre project identified a four way closure at this site.
AOK holds a 53% Working Interest and a 43.5% Net Revenue interest in this project located in Sheridan County, Kansas.
Background
The Cooper Project is located in Sheridan County, Kansas, near the town of Hoxie. 3D seismic on the 26,500 acre project identified more than 20 four way closures within the acreage. If found to be oil bearing, each closure could host multiple production wells, making this project an exciting high risk / high reward opportunity for AOK. The producing Clark #1 and Cooper #1 discovery wells were drilled in the first stages of exploration. Along with other well data in the area the Seismic information has been recalibrated to refine the identified prospects. This area of North West Kansas is the location of many small oil fields with production from the Toronto, Topeka and Lansing Kansas City formations.
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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