AusTex Oil Limited Stock Market Press Releases and Company Profile
Production Growth to Continue at Snake River
Production Growth to Continue at Snake River

Sydney, Jan 23, 2013 AEST (ABN Newswire) - United States mid-continent focused oil & gas producer AusTex Oil Limited (googlechartASX:AOK) (OTCQX:ATXDY) is pleased to provide the following update on operations at the Company's 100% owned Snake River Project in Northern Oklahoma.

AusTex is pleased to confirm that a further two vertical wells have now entered production at Production Hub #2 with encouraging flow rates:

#20-2 Vertical Well

Reported a peak flow rate of 97 boe/day and 30 day average of 38 boe/day.

#20-5 Vertical Well

Reported a peak flow rate of 212 barrels of oil per day with gas flared and 80 barrels of oil per day average of the first 30 days. Gas infrastructure on this well is still to be completed.

Hod #1-19H Horizontal Well

The Hod #1-19 horizontal well (AOK 8.33% WI), in partnership with Range Resources Corporation (RRC:NYSE), is the 2nd Horizontal Well drilled at Snake River. Range Production Company has advised that during the first 30 days of production the well averaged 151 barrels of oil equivalent (boe) per day, with a peak rate 24 hour rate of 205 boe/day.

Additional Wells under completion

A further 4 wells (#1-6, #1-7, #21-1 and #21-3) have been fracked and are awaiting production testing, and 2 additional wells (#20-7 and #20-8) have been drilled and are waiting to be fracked.

The ETU #14-8 and #20-6 wells are to be drilled at the end of January.

Executive Chairman Richard Adrey commented: "These two new vertical wells coming on stream build on our track record of continuously delivering production growth through our aggressive vertical development program."

"Flow rates reported from both the Hod #1-19H Horizontal well and the two new vertical wells are pleasing, and further build on the company's production profile while reinforcing our vertical economics."

"We anticipate that additional wells will continue to deliver consistent production growth as they come on stream."

View the complete AusTex Oil announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-716994.pdf


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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