Drilling Underway on Blubaugh Well in Northern Oklahoma
Sydney, April 26, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to announce the following update on drilling operations in Northern Oklahoma.
Snake River Project - Blumbaugh #20D-1 SWD Well
Section 20, Township 25 North, Range 1 East
Kay County, OklahomaAOK 100% Working Interest 80% Net Revenue Interest
Drilling of the Blumbaugh #20D-1 Well is underway at the Snake River project, Kay county, Oklahoma. The well is to be drilled to an estimated TD of 6,100 feet into the Arbuckle Formation which underlies the Mississippi Lime interval. The well is being drilled as a new salt water disposal well on the northside of the river which bisects the project area and will be used to dispose of produced water from additional production wells to be drilled in the coming months.
Surface casing has been set at 250 feet surface and the well is drilling ahead at 2,440 feet as at 5pm, 25 April 2012, Central Time. Mud logs and samples have indicated the presence of hydrocarbons in the shallow Pennsylvanian intervals.
A full suite of electronic logs is to be run on the well to gain an insight into all of the underlying formations as this is the first well to be drilled by AusTex on the north side of the river. There is existing oil production from the Mississippi Lime interval from wells in adjacent leases.
Once drilling on this well is completed the rig is scheduled to move to drill the Blumbaugh #20-1 production well targeting the Mississippi Lime interval. (see Figure 1 below).
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-676211.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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