AOK reports 20th Vertical Well success at Snake River
Sydney, Mar 12, 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.
ETU #14-8 - Drilled and Cased
Drilling operations on the ETU #14-8 vertical development well successfully reached a TD of 4,675 feet overnight. Electronic logs have been completed with both logs and samples obtained during drilling confirming the presence of hydrocarbons in the Mississippi Lime. The Mississippi Lime was logged between 4,298 feet and 4,639 feet including a 32 foot high porosity "chat" section and additional porosity breaks throughout the interval.
Logs and samples captured during drilling operations confirmed the presence of hydrocarbons in the Mississippi Lime and also in the Tonkawa, Layton and Cleveland Sands, as well as the Big Lime and Woodford Shale formations.
The well has been cased and will be completed for production testing over the coming weeks.
Executive Chairman Richard Adrey commented: "We have now drilled 20 vertical wells as part of the ongoing Snake River Development program. Each well has intersected ~300 foot of the targeted Mississippi Lime interval and the underlying Woodford Shale formation. The Woodford Shale is the regional source of hydrocarbons, with the Mississippi Lime showing great reservoir characteristics and is responding well to our completion techniques using a 2 stage frac from the vertical wells.
"We now have 11 vertical wells in production with two wells still unloading frac fluid. 5 wells are awaiting final hook-up to surface equipment to begin production testing, and 3 wells are waiting to be fracced. The #20-1 SWD is fully operational at our 2nd Production hub.
"We are currently finalising our end of 2012 Annual Financial and Audit Report and are updating our Reserve Report which are due to be released before 31 March 2013".
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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