Miss Lime Horizontal Well 90 Day Results Exceed Expectations
Sydney, Oct 11, 2012 AEST (ABN Newswire) - United States focused oil & gas produer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to update shareholders on its continued well development program at the company's Snake River Project in Kay County, Oklahoma.
AusTex is delighted to report the Balder #1-30N well (AOK 13.76% WI), in which the company is participating with Range Resources Corporation (NYSE:RRC), has achieved a return on investment for AusTex of 67.24% (including drilling and operating expenses) based on the first 90 days of production revenue.
Following the success of Balder #1-30N, AusTex is also pleased to report that the Hod #1-19H Horizontal Well is expected to spud this month. As announced on September 12, AOK will hold an 8.33% Working Interest in this well following an agreement with Range Resources to participate in additional Horizontal Well development in Section 19, Township 25N Range 1 West.
Executive Chairman Richard Adrey commented: "The results from Balder #1-30N are beyond our initial expectations and indicate that the well is a valuable asset for AusTex as we continue to build our production profile. Range Resources has reported that the Balder #1-30N is one of their best ever performing horizontal wells, which bodes well for the future.
"The success of the Balder #1-30N well demonstrates that Snake River holds considerable unlocked potential, and we are continuing to pursue additional horizontal well participation opportunities.
"We will continue to keep shareholders updated as our vertical and horizontal well development program progresses."
View the full AusTex Oil announcement including Figure 1 at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-699581.pdf
Follow Austex on Twitter: http://www.twitter.com/AusTexAOK
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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