Record production of 42,892 BOE for December Quarter
Sydney, Jan 17, 2013 AEST (ABN Newswire) - United States focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to report record production of 42,892 barrels of oil equivalent (BOE) for the quarter ended 31 December 2012, with an average of 466 BOE/Day for that period.
Net oil and gas production for the month of December 2012 was 16,785 BOE net to AusTex, up from 14,030 BOE for November 2012. During the month, peak production rates were ~740 BOE/Day with an average production rate for the month of December of 542 BOE/Day. Production levels would have been significantly higher for the month, and also the quarter, however operations were impacted by unseasonably poor weather conditions which resulted in lost production of 4 days.
AusTex continues to experience strong production growth each quarter and a consistent increase in average daily flow rates. This is due primarily from the consistent production being achieved from the 4 deepening recompletions and 6 newly drilled vertical wells currently producing at the company's 5,500 acre Snake River Project.
Executive Chairman, Richard Adrey, commented: "Growth through steady production is a direct result of our continued drilling program coupled with a team that is tirelessly working to improve results at our Snake River Project in northern Oklahoma. Inclement weather interrupted some of our December production; however, peak and average rates are continuing to improve. We have improved our completion program from the original deepenings and new drills with six wells in the completion phase."
"We have achieved our previously stated production goals and will announce our 2013 goals with an update to the market. Additionally, with an oil ratio above 70% we are seeing our monthly revenues now contributing cash flow in excess of our monthly fixed operating expenses."
AusTex will shortly update shareholders on its production and completion operations.
To view tables, charts and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-716356.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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