AusTex Oil Limited (ASX:AOK) Reports Production Success on First Mississippi Lime Well in Northern Oklahoma
Sydney, Dec 20, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) says today that initial 30 day production testing on the ETU #15-4 well has now been completed at the East Tonkawa Unit (ETU) near Tonkawa, Northern Oklahoma. A pump jack with a rod pump is currently geared to pump 320 barrels of fluid per day. An average of 50 boe/d was recorded during the period with 37 bopd and 95 mcf of gas per day or 15% of total fluid.
Production testing on the ETU #14-5, which is currently being fitted with an electric submersible pump, is to commence this week.
Oil and Gas sales underway
Both wells are tied into sales facilities with gas sold via the Mustang Gas compression station which is located less than 1 mile from the ETU tank battery.
Additional Wells planned for 2012
The two wells are part of a planned 10 vertical well program to develop the Mississippi Lime formation. The data from the initial vertical well program will be used to finalise locations for horizontal development planned during calendar 2012. Vertical well spacing of 20 acres allows for up to 40 producing wells within the ETU.
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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