Delivers 75% Production Increase in June
Sydney, July 31, 2012 AEST (ABN Newswire) - United States focused oil & gas produer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to report oil and gas production rates for the month of June 2012.
Production for the month of June increased to 299 BOE, a 75% increase on the prior month. The increase was due largely to the contribution from the Balder #1 horizontal well, in which AusTex participated with Range Resources Inc. (NYSE:RRC). Improved production from the Company's producing vertical wells also contributed.
AusTex is confident that production will stabilise at current levels for the next month until new wells at the 5,500 acre Snake River Project come on stream. There are currently six vertical production wells under various stages of development with two wells now undergoing production testing.
Executive Chairman Richard Adrey commented: "We are pleased to confirm production levels for June set a new benchmark for AusTex. We are confident that with our active well development program, the Company will continue to increase production as new wells are transitioned from development status to production.
With six wells in various stages of completion and development, production levels are expected to increase in the coming months. We are also progressing with our program of drilling two new production wells at the Snake River Project each month which underpins future production increases."
To view the complete AusTex Oil announcement including Tables, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-687825.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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