AusTex (ASX:AOK) Additional Horizontal Mississippi Lime Wells with Range Resources (NYSE:RRC)
Sydney, Sep 12, 2012 AEST (ABN Newswire) - United States focused oil & gas produer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to update shareholders on its continued well development program at the company's 100% owned 5,500 acre Snake River Project in Kay County, Oklahoma.
Following the success of the Balder #1-30N Horizontal Mississippi Lime well during the June quarter, AOK has entered into further agreements to participiate in additional horizontal well development with Range Resources Corporation (NYSE:RRC). The Balder #1-30N has demonstrated the potential of the Mississippi Lime interval having achieved a 30 day average IP of 899 boe/day and a peak 24 hour rate of 1,363 boe/day (782 barrels of oil, 340 barrels NGLs and 1,448 mcf gas). AOK holds a 13.76% interest in the Balder #1-30N well.
Balder #2-31N Well
The Balder #2-31N Well is to be drilled as an offset to the successful Balder #1-30N horizontal well on a 160 acre spacing. AOK will hold a 13.76% Working Interest in the new well.
Hod #19-1N Well
AOK has entered into an agreement with Range Resources Corporation (NYSE:RRC) to participate in Horizontal Well development in Section 19, Township 25N Range 1 West. Up to three wells are to be drilled with the Hod #1-19H well expected to spud in October. AOK will hold 8.33% Working Interest in this well.
Additional Horizontal Well development is planned on the Snake River Project and AOK will update further details in coming months.
Speaking from Tulsa, Richard Adrey, Executive Chairman commented, "We are delighted to be participating with additional horizontal well development with Range. With the proposed increased density to 160 acre spacing, this again highlights the potential of our Snake River Project. Additional oil production is coming on line as we test new vertical wells and we are on target with our 2 vertical well per month program. We have just drilled our tenth vertical well and expect to have nine producing before the end of October".
View the complete AusTex Oil announcement including Figure 1, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-694239.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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