Snake River Project - Drilling Underway on 13th Well
Sydney, Dec 10, 2012 AEST (ABN Newswire) - United States focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) advises the following update on field operations on the 100% owned Snake River Project in Kay County, Northern Oklahoma.
Blubaugh #21-1 Well spudded
Drilling operations on the #21-1 vertical well commenced over the weekend. The well is to be drilled to a TD of 4,750 feet through the Woodford and Wilcox formations over the next 7-10 days, with the primary target being the Mississippi Lime interval. This well is a step out well to the successful #21-3 well and is located within Production Hub No. 2.
This is the 13th development well to be drilled at the Snake River project. Eight vertical wells are now in production, and four wells excluding the #21-1, are in various stages of completion. Production testing has commenced on the #20-2 and #20-5 wells, and once consistent flow rates have been recorded, further increases in monthly production are expected.
AusTex remains focused on drilling two vertical wells per month at the Snake River Project and the #21-1 is the first development well to be drilled during the month of December.
The company will update shareholders on its well development program and its average monthly production in the coming weeks.
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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