Full Year Statutory Accounts
Sydney, Mar 29, 2012 AEST (ABN Newswire) - AusTex Oil Limited (AOK) holds interests in oil and gas leases located in the States of Oklahoma and Kansas, within the United States of America. The interests are held through three wholly owned subsidiary companies, International Energy Corporation (Oklahoma) and International Energy Corporation (Kansas). In Oklahoma, Well Enhancement Services LLC (Oklahoma), which is wholly owned by International Energy Corporation (Oklahoma), operates a Radial Jet Enhancement Technology rig, which is based in Tulsa.
USA operations are all managed from an office located at 1801 East 71st Street, Tulsa. Well Enhancement Services LLC (Oklahoma) operates from a rig barn and holding yard on the outskirts of Tulsa.
A new Reserve Report was commissioned during the period, however, at the time of this report has not been finalised.
For the 9 months ended 31 December 2011, the net revenue from combined operations was $2,121,099 resulting in a gross profit of $748,611. A Net Loss of $4,617,150 was recorded.
As a junior oil and gas exploration and production company, AusTex will need to raise development capital to continue the company's strategy to acquire and develop oil and gas leases in the USA. Since balance date the Company has raised additional capital by way of a placement to professional and sophisticated investors and has announced additional initiatives to fund ongoing operations.
View the complete AusTex Oil report at the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-673210.pdf
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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