Australian Oil Company Limited

AusTex Oil Limited (ASX:AOK) advises the following update on operations on leases in Oklahoma; Mayo Moore #7, following completion and testing of the Oswego Lime; Baggett #1-33, well was originally completed for production in the Wilcox Formation at 2200 feet; Baggett #2-33 well has continued to flow oil and gas; Ownby #1 Well preparations for the drilling of the next step out well have been hampered by wet weather.

ABN Newswire stocks to watch today include: Galaxy Resources Limited (ASX:GXY) (PINK:GALXF), Conquest Mining Limited (ASX:CQT) (PINK:CQMLF), Australian Bauxite Limited (ASX:ABZ), Benitec Limited (ASX:BLT) (PINK:BNIKF), AusTex Oil Limited (ASX:AOK) (PINK:ATXDF), Bandanna Energy Limited (ASX:BND), WestSide Corporation Limited (ASX:WCL) and Texon Petroleum Ltd (ASX:TXN).

AusTex Oil Limited (ASX:AOK) (PINK:ATXDF), advises that drilling of the wildcat Eisenhour #1 Well commenced at 9.30am CDT Monday 8 March 2010. The location for the Eisenhour #1 Well was chosen following a technical review of open-hole logs from the Billie #1 Well (drilled in 2009) along with 3D seismic data.

ABN Newswire stocks to watch today include: Magnetic Resources NL (ASX:MAU), Galaxy Resources Limited (ASX:GXY) (PINK:GALXF), NewSat Limited (ASX:NWT) (OTC:NWTLY), and AusTex Oil Limited (ASX:AOK) (PINK:ATXDF).

AusTex Oil Limited (ASX:AOK) (PINK:ATXDF) advises that drilling of the Mayo Moore #7 Well commenced Tuesday 16 February 2010 (CDT). Surface casing has been set at 315 feet with cement circulated to the surface successfully. TD of 1100 feet is expected to be reached on Wednesday afternoon (CDT).

ABN Newswire tocks to watch today include: Galaxy Resources Limited (ASX:GXY) (PINK:GALXF), Environmental Clean Technologies Limited (ASX:ESI), Republic Gold Limited (ASX:RAU), Conquest Mining Limited (ASX:CQT) (PINK:CQMLF), Beach Energy Limited (ASX:BPT) (PINK:BEPTF), AusTex Oil Limited (ASX:AOK) (PINK:ATXDF) and Otto Energy Limited (ASX:OEL).

AusTex Oil Limited (ASX:AOK) (PINK:ATXDF) advises that drilling of the Mayo Moore #7 Well is expected to commence this week. This well is a 50 foot offsetting twin to the recently successful Mayo Moore #5 Well, which is producing oil and gas from the Red Fork Formation at 1,500 feet.

AusTex Oil Limited (ASX:AOK) (PINK:ATXDF) is pleased to provide a Quarterly Activities Report for the period ended 31 December 2009.

The Australian sharemarket ended the four consecutive day losing streak and closed higher on Friday in quiet trading condition. The market opened stronger on the good lead from Wall Street and made sustained gains, helped by the Chinese industrial production data suggesting demand for Australian resources will remain strong. At the close, the benchmark S&P/ASX 200 index rose 28.5 points, or 0.62 per cent, to 4635.20 points, while the broader All Ordinaries index also advanced 28.5 at 4651.40 points. For the week, the market closed down 1.4 percent.

Wall Street posted a fourth day on Friday rise as the US existing home sales data gave investors more confidence that it is the end of the recession. For the week The Dow Jones Industrial Average gained almost 2 per cent, while the Standard & Poor's 500 index added 2.2%.