AusTex Oil Limited (ASX:AOK) Expands Mississippi Lime Acreage in Kansas
Sydney, Jan 6, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (PINK:ATXDY) advises that the company has acquired over 8,000 acres of oil and gas leases that is prospective Mississippi Lime acreage with a 70% Working Interest and a 58.8% Net Revenue Interest in Kansas. The Company has agreements on additional leases that will be announced upon settlement.
Background
AusTex Oil and Castle Resources Inc., as operator, are working interest partners in oil and gas leases in Sheridan and Thomas Counties, Kansas. A 26,500 acre seismic shoot was conducted in 2009 on the Cooper Project, which currently has 2 wells producing from the Lansing Kansas City formation. Reinterpretation of the seismic shoot has highlighted the presence of both the Mississippi Lime and Arbuckle formations within the project area below the current producing Lansing Kansas City formation. The 3D seismic for the expanded project area is currently being contracted so that high-graded areas may be selected for development.
In recent months the companies have been expanding the Project Area to the west and north of the Cooper Project. This region has witnessed substantial increases in leasing and exploration activity over the last 3 months.
In December 2011, Sandridge Energy (NYSE:SD) reported an expanded area of interest in the Mississippi Lime play to include north west Kansas and announced that Sandridge had entered into a $1 billion joint venture with Spanish company Repsol to undertake development of leases in the play. With the SandRidge/Repsol announcements of the extension of the play, AusTex feels an obligation to announce its ongoing activities in this expanded area.
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.
| ||
|
