Reports 30 Day Rates for Balder 1-30N
Sydney, June 20, 2012 AEST (ABN Newswire) - United States focused oil & gas producer and explorer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to announce an update on the 30 day production rates for the Balder #1-30N Horizontal Well at the Snake River Project, Kay County, Northern Oklhoma. The well continues to exceed expectations and the typical type curve for Mississippian Horizontal wells in the region.
During the first 30 days on pump the operator, Range Production Company LLC, a subsidiary of Range Resources Corporation (NYSE:RRC) reported that the well produced 18,210 barrels of oil and 50,825 mcf of gas. The average production for the period was 889 boe/day whilst maintaining a 70%/30% oil to gas ratio, with additional Natural Gas Liquids. Oil produced from the Mississippian is a light sweet crude of a 45 degree API gravity.
Executive Chairman of AOK, Richard Adrey commented, "We are excited about the ongoing development results here in Kay County. Clearly this result confirms that we are located in an exceptional part of the Mississippi Lime play east of the Nemaha Ridge which is delivering a high oil cut in both the horizontal and vertical wells. Whilst it is early days in our development cycle, the economics of this project are continuing to exceed our modelling.
We will continue to drill our vertical well program and have started to delineate a number of further horizontal locations within our acreage for future drilling".
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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