AusTex Oil Limited Stock Market Press Releases and Company Profile
Further Drilling Success - Snake River Project
Further Drilling Success - Snake River Project

Sydney, Dec 17, 2012 AEST (ABN Newswire) - United States mid-continent focused oil & gas producer AusTex Oil Limited (googlechartASX:AOK) (OTCQX:ATXDY) is pleased to advise the following update on oil and gas production from operations at the Company's 100% owned Snake River Project in Northern Oklahoma.

#21-2 Well interesects 354 feet of Mississippi Lime
Drilling operations on the Blubaugh #21-2 vertical well successfully reached TD at 4,802 feet over the weekend. The well intersected 354 gross feet of the target Mississippi Lime interval.

Logs and samples indicate the presence of hydrocarbons with 23% porosity in the upper Chat section and multiple intervals of porous lime ranging from 11-15% with the remainder of the Mississippi Lime solid exhibiting better than typical porosity ranging from 6-9% along with exceptional sample shows.

Casing has been run and cement set; with the well to be completed for oil and gas production.

The #21-2 well is the 9th vertical production well to be drilled at the Snake River Project utilizing infrastructure north of the river where the company is experiencing strong results through tweaking of its processes of stimulation and completion. The rig is to move onto the #21-1 well and expected to spud within next 2 days.

AusTex Executive Chairman Richard Adrey commented: "We have had a very successful year targeting the Mississippi Lime at our Snake River Project. During the calendar year, many larger US oil and gas companies have announced their increased activity in the play.

"As we enter a new year, we plan to continue drilling 2 vertical wells per month and have agreements with Range Resources to participate in up to 4 additional Horizontal Wells in the area."

About AusTex Oil Limited

AusTex Oil Limited ASX AOKAusTex 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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Contact

AusTex Oil Limited
T: +61-2-9238-2363
F: +61-2-8088-7280
WWW: www.austexoil.com



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