Drilling Delivers Significant Oil and Gas Reserves Upgrade
Sydney, Mar 19, 2013 AEST (ABN Newswire) - United States mid-continent focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) advises that a review of its Oil and Gas Reserves on the Company's leases in Oklahoma and Kansas has now been updated by Integrated Petroleum Technologies Inc., based in Denver Colorado.
Development Drilling delivers Significant Oil and Gas Reserves Upgrade
- 1P Reserves increases 196% to 7.58 million BOE
- 1P Reserve NPV10 Value increases to $197.7m
- 2P Reserves increases 201% to 12 million BOE
- 2P Reserves NPV 10 Value increases to $284.1 million
The Reserve Report has been completed in compliance with the Canadian Oil and Gas Handbook and Canadian National Instrument 51-101. The table below highlights a summary of Net Oil and Gas Reserves as at 1 March 2013:
-------------------------------------------------------------- Oil Gas BOE Undiscounted PV 10% Future Reserves Reserves 6:1 PV Future Net Net Revenues Net (Mbbl) Net (MMscf) Revenues ($,000) ($,000)--------------------------------------------------------------1P 5,565 12,125 7,585 342,400 197,6952P 8,878 18,833 12,016 545,367 284,105 3P 14,481 29,681 19,427 889,083 394,738--------------------------------------------------------------
Executive Chairman Richard Adrey commented: "Our focus on the successful development drilling program at our Snake River Mississippi Lime Project has been the key driver to increasing oil and gas production, and concurrently, this project is the major contributor to the increases in 1P and 2P Reserves.
Production east of the Nemaha Uplift is now recognised by the industry as a liquids rich part of the Mississippi Lime Play in Oklahoma. Our vertical well program is consistently delivering 75% oil content from hydrocarbons being produced at very attractive Finding & Development costs. We continue to develop the Snake River Project at a rate of 6 vertical wells per quarter, and discussions are continuing with various parties to expedite the development and acquisition of further nearby acreage".
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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