AusTex Oil Limited (ASX:AOK) Pratt No.1 Well Encountered Free Oil And Gas
Sydney, Jan 28, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) is pleased to announce the following update on drilling operations underway in Kansas.
Castle Resources Inc. (CVE:CRI) (PINK:CUNCF), as operator, advises that drilling on the Pratt #1 well has reached 3,862 feet and has encountered free oil and gas in the Toronto Formation between 3,827 feet to 3,862 feet. A Drill Stem Test is underway to test this zone before drilling continues to the Topeka and Lansing Kansas City Formations.
The Pratt #1 well is located to the north of the Clark #1 discovery well with a projected TD of 4,400 feet. 3D seismic conducted on the 26,500 acre project identified a four way closure at this site.
AOK holds a 53% Working Interest and a 43.5% Net Revenue interest in this project located in Sheridan County, Kansas.
Background
The Cooper Project is located in Sheridan County, Kansas, near the town of Hoxie. 3D seismic on the 26,500 acre project identified more than 20 four way closures within the acreage. If found to be oil bearing, each closure could host multiple production wells, making this project an exciting high risk / high reward opportunity for AOK. The producing Clark #1 and Cooper #1 discovery wells were drilled in the first stages of exploration. Along with other well data in the area the Seismic information has been recalibrated to refine the identified prospects. This area of North West Kansas is the location of many small oil fields with production from the Toronto, Topeka and Lansing Kansas City formations.
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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