Quarterly Activities and Cashflow Report
Sydney, July 31, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is an oil and gas exploration and production company with operations in Kansas and Oklahoma, in the mid-continent of the United States of America.
The quarterly report to June 30, 2012 highlights follow:
Fast Tracks Mississippi Lime development in Northern Oklahoma
- First Horizontal Mississippi Lime well in production
- - 30 -day average 1,258 boe/day - AOK 13.76%
- Operations team drilling 2 vertical wells per month
- - Four vertical production wells now in production
- - Four vertical production wells cased - waiting on completion
- - Drilling contract in place for to drill two vertical wells per month
- 2nd Production Hub established with SWD facilities completed
Development delivers production growth
- June monthly oil and gas production averaging 300 boe/day (July revenue)
- Production to increase as new wells come on line each month
- Oil and gas sales gross revenue $US1.05m for quarter ($790,000 net to AOK)
AOK progressing work on Kansas Mississippi Lime acreage
- Completes seismic review on 27,100 gross acres (17,000 net acres)
- Multiple prospects identified - further exploratory drilling underway
51-101 Independent Reserve Report completed
- 2P Reserves 5.9m Barrels of Oil Equivalent
- Proved and Probable Net Reserves (2P) estimated with a 10% NPV at $US158.4m (48 cents per share)
Funding initiatives finalised
- Shareholders approve 2nd Stage of Placement and Convertible Note Issue
- $7.2m Cash at Bank as at 30 June
For the full release please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-687968.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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