Drilling Success Driving Production Growth at Snake River
Sydney, Feb 21, 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.
Scott #20-9 Well - TD 4,705 feet
Drilling on the #20-9 vertical development well has successfully reached its TD at 4,705 feet, after it intersected the target Mississippi Lime interval between 4,290 to 4,650 feet with logs and samples indicating multiple intervals with porosity and oil shows. Additional oil and gas shows were recorded in the Layton Sand, Big Lime, and Woodford Shale which underlies the Mississippian.
The well has been cased and will be completed for oil and gas production over the ensuing 8-10 weeks. The company has found that the wells perform better if they are not flowed back from hydraulic frac immediately.
The rig has now moved to the next well, the ETU #14-8, with drilling expected to commence over the next 48 hours, subject to weather conditions. This is the fourth well to be drilled on the project since 1 January 2013.
AusTex is also pleased to report that its well development program is progressing to plan, and four 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: "Since 1 January, and despite some weather delays, we have successfully drilled three new wells which will be completed for production over the near term,
"We have also commenced production testing on three wells drilled late last year. In addition, we have 4 wells that have been fracced and will enter production in the coming weeks. Overall, our production profile continues to improve."
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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