Quarterly Activities and Cashflow Report
Sydney, Oct 31, 2012 AEST (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 activities report is available for viewing at the link below.
Highlights
- 500 boe/day Net Production achieved in last week of September 2012
- Gross Sales for September Quarter $US 1.4m - up 33% on June Quarter 2012
- First Miss Lime Horizontal Well returns 67% on Investment in first 90 days
-- Balder No. 1-30N averaged 839 boe/day Gross Production for 90 days
- Vertical Well development program delivering two new wells per month
-- 30 day averages >80 boe/day - 70% liquids
- Agreement with Range Resources to participate in additional Horizontal Wells
- Independent Reserve Report completed under Canadian 51-101 guidelines
-- Proved and Probable Net Reserves (2P) Reserves 5.9m BOE
-- 2P 10% NPV estimate of $288m
- Additional Funding to raise $12.5m for fast track Miss Lime Development
-- $10m Placement Institutional and Sophisticated Investors
--- Tranche 1 raises $3.5m - completed
--- Tranche 2 Placement (subject to shareholder approval) - $6.5m
-- Share Purchase Plan underway to raise up to $2.5m - closes 20 Nov 2012
-- General Meeting of Shareholders to be held 26 November 2012 in Sydney
- Independent Non-Executive Directors Appointed
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-703875.pdf
About AusTex Oil Limited
AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is a Public Company listed on the Australian Securities Exchange (ASX) and the OTCQX.
AusTex is focused on exploration and development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas and is currently developing producing leases in both states with interests in 11,600 net acres of oil and gas leases in the Mississippi Lime Play. The Company has net production of circa 800 boe/day with Independent 1P reserves certified at 3.505 Million BOE with NPV10 of US34.8 million as at 31 December 2015.
US operations are based in Tulsa, Oklahoma, with an office at 1801 East 71st Street. International Energy Corporation (Oklahoma) is a wholly owned subsidiary and a licensed oil and gas operator in Oklahoma and Kansas.
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