Oil production in Oklahoma and Kansas grows 16%
Sydney, Dec 12, 2012 AEST (ABN Newswire) - United States focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) advises the following update on oil and gas production from operations in Oklahoma and Kansas.
Net oil and gas production for the month of November 2012 was 14,030 barrels of oil equivalent net to AusTex, a 16% increase on October. During the month peak rates continued to increase to over 730 BOE/day. Further increases in production are expected over the coming months as new wells come on line.
Table: AusTex Net Monthly Production
-----------------------------------------------------Month Total Monthly Production Average Daily BOE Production BOE/day-----------------------------------------------------July 8,234 266-----------------------------------------------------August 8,580 277-----------------------------------------------------September 9,914 330-----------------------------------------------------October 12,077 390-----------------------------------------------------November 14,030 468-----------------------------------------------------
AusTex Executive Chairman Richard Adrey commented: "Our field operations continue to drive consistent monthly production growth. We have been drilling two new vertical wells each month on our Snake River Mississippi Lime Project in Northern Oklahoma, and we are now completing two new wells for production each month.
"During the month, peak rates continued to increase to over 730 BOE/day. This is pleasing as it gives us confidence that production rates will continue to increase at double-digit rates on a monthly basis.
"The 2nd Horizontal Well in participation with Range Resources is in production testing and we will update the market shortly with results for both our vertical and horizontal wells. As we head into the New Year the company is well funded and advancing strongly towards our objective of achieving monthly production exceeding 1000 BOE/day."
View the full AusTex announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-711829.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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