AusTex Oil Balder 1-30N Mississippi Lime Success
Sydney, April 17, 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 13.73% Working Interest 11.15% Net Revenue Interest
As at 16 April 2012, the operator, Range Production Company Inc., reported that drilling operations had been completed with the well reaching TD at 8,952 feet. The well has now been logged with samples and logs confirming the presence of signiciant hydrocarbons along the length of the 3,911 foot horizontal section of the well.
The Trinidad No. 209 Rig has been released from the site.
Completion of the well is underway with the well to be hydraulically fractured in multiple stages along the horizontal section scheduled to commence at the end of this week. Storage tanks and surface facilities are under construction in preparation for production.
Range Production Company Inc., a subsidiary of Range Resources Corporation (NYSE:RRC), is the operator and holds the remaining working interest.
Speaking from Tulsa, Executive Director of AOK, Richard Adrey commented, "The succssful drilling of the Balder is a significant milestone for AOK. Development in the Mississippi Lime play is expanding rapidly and we are well positioned for substantial production growth over the next 12 months from the Snake River Project. Development drilling is set to continue with the ETU #17-6 underway and a second rig set to commence drilling in the next few days on the Blumbagh D-20 SWD, north of the river and followup with a new production well adjacent to the Salt Water Disposal Well".
To view the complete AusTex Oil announcement including Figure 1, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-675185.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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