AusTex Oil Limited (ASX:AOK) Drilling Commences On Rolfs #1 Well And Acquires Additional 3,000 Acres
Sydney, Oct 11, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), advises that drilling has commenced on the Rolf #1 Well in North West Kansas. AOK has acquired a 50% Working Interest and 38% Net Revenue Interest with Castle Resources Inc.(CVE:CRI), as partner and operator in a 3,000 acre addition to its in Northwest Kansas Project.
The prospect is targeting the Arbuckle Formation in a proven oil producing area which previously drilled in the 1960s. Historical drilling in the area produced oil from the upper Arbuckle Formation. The Rolfs #1 well with an expected Total Depth of 3,400 feet is to test for further porosity breaks deeper in the Arbuckle Formation. Drilling operations are expected to be completed within 10-14 days.
AOK has invested US$100,000 for its land interest and to cover the dry hole costs of the Rolfs #1 well.
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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