AusTex Drilling Continues - Vertical Mississippi Lime - Snake River
Sydney, April 2, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to report the following update on development activity in Northern Oklahoma.
Snake River Project - ETU #17-6 Vertical Well
Section 29 - Township 25 North - Range 1 East
Kay County, Oklahoma
AOK 100% Working Interest 81.25% Net Revenue Interest
Drilling on the ETU #17-6 vertical development well is underway at the Snake River Project, Kay County, Oklahoma. The well is to be deepened to an estimated TD of 4,750 feet targeting the Mississippi Lime interval. Located within the East Tonkawa Unit, the ETU #17-6 is on 20 acre spacing to the west of the ETU #14-5 and #15-4 which are both producing from the Mississippi Lime.
Target depth is expected to be reached within 7-10 days.
Drilling Program Ongoing
The Snake River Project is located in Kay and Noble Counties, Northern Oklahoma approximately 15 miles southwest of Ponca City. AOK previously announced a 10 vertical well program on the project which commenced in December quarter 2011 with the successful development of the ETU#14-5 and 15-4 wells. Both of these wells intersected a 300 foot gross interval in the Mississippi Lime and are now producing oil and gas from the formation. The ETU #17-6 is the 3rd vertical well in the program.
Drilling on the Balder #1-30N Horizontal Well continues on the west side of the project. A further update on this well will be made in the next few days.
A second rig is scheduled to arrive within two weeks to drill two vertical production wells and an additional disposal well on the north side of the river to the east of the East Tonkawa Unit.
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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