Weekly Drilling Update- Northern Oklahoma
Sydney, Mar 26, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to report the following update on drilling operations in Northern Oklahoma.
Snake River Project - Balder #1-30N Horizontal Well:
Section 30, Township 25 North, Range 1 East
Kay County, Oklahoma
AOK 12.25% Working Interest 9.5% Net Revenue Interest
As at 22 March 2012, the operator, Range Production Company Inc., reported that the Trinidad No. 209 Rig was drilling ahead at 5,789 feet in the lateral section of the well. During the week, 7 inch intermediate casing was set to 5,040 feet and drilling commenced on the horizontal lateral into the targeted Mississippi Lime interval.
Drilling operations are to continue to a minimum lateral length of approximately 2,200 feet. Further updates will be made as the well reaches the planned target depth.
Range Production Company Inc., a subsidiary of Range Resources Corporation (NYSE:RRC), is the operator and holds the remaining working interest.
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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