AusTex Oil updates their well development program.
Australia (Sharewellnewswire) July 31, 2012 - United States focused oil & gas producer AusTex Oil Limited(ASX: AOK, OTCQX: ATXDY) is pleased to report oil and gas production rates for the month of June 2012.
Production for the month of June increased to 299 BOE/d, a 75% increase on the prior month.
The increase was due largely to the contribution from the Balder #1
horizontal well, in which AusTex participated with Range Resources Inc.
(NYSE: RRC). Improved production from the Company’s producing vertical
wells also contributed.
| Month | Total Production BOE | Average Daily Production |
| January | 6,698 | 216 |
| February | 4,320 | 149 |
| March | 5,385 | 175 |
| April | 4985 | 166 |
| May | 5300 | 170 |
| June | 8980 | 299 |
AusTex
is confident that production will stabilize at current levels for the
next month until new wells at the 5,500 acre Snake River Project come on
stream. There are currently six vertical production wells under various
stages of development with two wells now undergoing production
testing.
Executive
Chairman Mr Richard Adrey commented: “We are pleased to confirm
production levels for June set a new benchmark for AusTex. We are
confident that with our active well development program, the Company
will continue to increase production as new wells are transitioned from
development to production.
With
six wells in various stages of completion and development, production
levels are expected to increase in the coming months. We are also
progressing with our program of drilling two new production wells at the
Snake River Project each month which underpins future production
increases.”
| Well | Status | |
| East Tonkawa Production Hub | ||
| ETU #14-5 | Producing – Mississippi Lime | |
| ETU #15-4< | Producing – Mississippi Lime | |
| ETU #17-6 | Production Testing | |
| ETU #14-7 | Production Testing | |
| Adams #1 | Producing – Mississippi Lime | |
| Balder #1-30N (AOK – 14.15%WI) | Producing – Mississippi Lime | |
| Blubaugh Production Hub | ||
| Blubaugh #20-1 SWD | Disposal well – Completed | |
| Blubaugh #20-1 | Under completion – Mississippi Lime | |
| Blubaugh #20-3 | Under Completion – Mississippi Lime | |
| Blubaugh #21-3 | Under completion – Mississippi Lime | |
| Blubaugh #20-4 | Under completion – Mississippi Lime | |
| Kansas | ||
| Clarke #1 | Producing - Lansing Kansas City | |
| Cooper # 1 | Producing - Lansing Kansas City | |
| Ludwick #1 | Awaiting SWD - Arbuckle | |
| Mollhagen #1 | Awaiting SWD | |
| Quackenbush #1 | Mechanical issues | |
AusTex
Oil Ltd (ASX: AOK, OTCQX: ATXDY) is an Exploration and Production
company that is focused on the development of oil and gas leases in the
USA. The company produces oil and gas in Oklahoma and Kansas. AOK
holds interests in ~26,000 net acres of oil and gas leases, including
acreage in the highly prospective Mississippi Lime play in Northern
Oklahoma and Kansas. AusTex’s ADRs trade at a 50:1 ratio to its Ordinary
shares.
For further information please contact :
Daniel Lanskey,
Managing Director
Australia +61 408 885018
Managing Director
Australia +61 408 885018
Richard Adrey
Executive Chairman
USA +1 918-743-7300
Executive Chairman
USA +1 918-743-7300
###
Contact Info:
Daniel Lanskey
+61 2 9238 2363
Dan.lanskey@austexoil.com
http://www.austexoil.com
AusTex Oil Limited
Daniel Lanskey
+61 2 9238 2363
Dan.lanskey@austexoil.com
http://www.austexoil.com
AusTex Oil Limited
