Drilling Success on ETU 17-6 Snake River Project
Sydney, June 12, 2012 AEST (ABN Newswire) - United States focused oil & gas producer and explorer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) today announced that the ETU #17-6 production well in the company's 5,500-acre Snake River Project in Northern Oklahoma has reached a Total Depth (TD) of 4,693 feet.
The well was deepened through 350 feet of the Mississippi Lime structure and had oil shows in the samples and in the pits during drilling and will be completed for production in the Mississippi Lime interval.
Drilling on the ETU #14-7 has commenced and surface pipe has been set with an expected TD of 4,750 feet and is also targeting the Mississippi Lime interval.
AOK holds a 100% working interest and 81.25% net revenue interest in the Snake River Project which sits in the highly prospective Mississippian Lime Play of Northern Oklahoma and Kansas.
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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