Australian Oil Company Limited

AusTex Oil Limited (ASX:AOK) Report drilling on the Adams #1 well successfully reached a TD of 4,700 feet on Friday 2 March 2012 US Central Time and casing has been set through the Woodford Shale. Drilling samples and logs confirmed that the well encountered a 310 foot gross section of the target Mississippi Lime interval with oil shows.

AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is pleased to announce that it has completed Stage 1 of the placement announced to the ASX on 20 February 2012 to continue its oil and gas drilling and exploration programs in the USA.

Drilling of the Adams #1 vertical development well commenced over the weekend. With an expected TD of 4,800 feet this well is targeting the Mississippi Lime formation. The well is located directly south of existing Mississippi Lime producing wells and is approximately 2 miles south east of the Snake River Project production held by AOK.

AusTex Oil Limited (ASX:AOK) is pleased to report oil and gas production for the month of January 2012.

AusTex Oil Limited (ASX:AOK) is pleased to announce that it has finalised arrangements to raise $3.2m through a share placement of 37,647,060 fully paid ordinary shares in the capital of the Company at $0.085 per share with one free option for every three shares subscribed for.

AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) - Following on from the recent success on the ETU #15-4 and ETU #14-5 wells which are both producing oil and gas from the Mississippi Lime formation, preparations to deepen the ETU #17-6 well have been completed. The #17-6 well is currently at a total depth of 4,205 feet and will be deepened to an expected TD of 4,650.

AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is pleased to provide a quarterly activities and cashflow report for the period ended 31 December 2011.

AusTex Oil Limited (ASX:AOK) is pleased to provide a report on Northern Oklahoma - 2nd Miss Lime well exceeds expectations. The well has now been tested for a period of 30 days with an Electric Submersible Pump. During this period the well was shut in at various times for final adjustments.

AusTex Oil Limited (ASX:AOK) is pleased to report the oil and gas production for the 3 months ended 31 December 2011.

AusTex Oil Limited (ASX:AOK) is pleased to announce the the following update on production testing on the ETU #14-5 well located on the East Tonkawa Unit in Kay County Oklahoma. The well has now been tested over a 14 day period with an electric submersible pump. During the test period the well produced an average of average of 85 boe/d with 70 bopd and 90 mcf of gas per day.