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 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.
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