Production Growth to Continue at Snake River
Sydney, Jan 23, 2013 AEST (ABN Newswire) - United States mid-continent focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to provide the following update on operations at the Company's 100% owned Snake River Project in Northern Oklahoma.
AusTex is pleased to confirm that a further two vertical wells have now entered production at Production Hub #2 with encouraging flow rates:
#20-2 Vertical Well
Reported a peak flow rate of 97 boe/day and 30 day average of 38 boe/day.
#20-5 Vertical Well
Reported a peak flow rate of 212 barrels of oil per day with gas flared and 80 barrels of oil per day average of the first 30 days. Gas infrastructure on this well is still to be completed.
Hod #1-19H Horizontal Well
The Hod #1-19 horizontal well (AOK 8.33% WI), in partnership with Range Resources Corporation (RRC:NYSE), is the 2nd Horizontal Well drilled at Snake River. Range Production Company has advised that during the first 30 days of production the well averaged 151 barrels of oil equivalent (boe) per day, with a peak rate 24 hour rate of 205 boe/day.
Additional Wells under completion
A further 4 wells (#1-6, #1-7, #21-1 and #21-3) have been fracked and are awaiting production testing, and 2 additional wells (#20-7 and #20-8) have been drilled and are waiting to be fracked.
The ETU #14-8 and #20-6 wells are to be drilled at the end of January.
Executive Chairman Richard Adrey commented: "These two new vertical wells coming on stream build on our track record of continuously delivering production growth through our aggressive vertical development program."
"Flow rates reported from both the Hod #1-19H Horizontal well and the two new vertical wells are pleasing, and further build on the company's production profile while reinforcing our vertical economics."
"We anticipate that additional wells will continue to deliver consistent production growth as they come on stream."
View the complete AusTex Oil announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-716994.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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