New Well Development program continuing at Snake River
Sydney, Feb 8, 2013 AEST (ABN Newswire) - United States mid-continent focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to update shareholders on its vertical well drilling program at the Company's 100% owned and operated Snake River Project in Northern Oklahoma.
Cletus #20-10 Well - Drilling Underway
Drilling on the #20-10 vertical development well has commenced. As an offset to 6 other successful vertical wells in a 640 acre area, the #20-10 is targeting the Mississippi Lime formation.
Overnight the drilling operator reported the rig was drilling ahead at 3,320 feet with an expected TD at 4,750 feet expected to be reached in the next few days. The rig is then contracted to drill two more vertical wells at the Snake River Project before the end of February.
AusTex is also pleased to report that its well development program is progressing, and two additional vertical wells are expected to enter production in the coming weeks which will drive the continued and steady growth in production.
Executive Chairman Richard Adrey commented: "Our vertical well development program at Snake River is on track and progressing well. We are well placed to continue our track record of stable and sustainable production growth at Snake River. We will also shortly ramp up drilling activities at our Kansas projects and we look forward to updating shareholders in this regard."
Overleaf are some images of AusTex's well development activities at the 100%-owned Snake River Project.
View the AusTex Oil announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-719518.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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