AusTex Oil Limited (ASX:AOK) To Commence Drilling On Mayo Moore #7 Well Lancaster Lease Group, Tulsa County Oklahoma
Sydney, Feb 15, 2010 AEST (ABN Newswire) - 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.
MM #7 is targeting the shallow Big Lime Formation at 1,100 feet, which discharged free oil and gas into the pits during drilling of Mayo Moore #5. If successful, the Big Lime Formation will be the fifth producing formation on the 650 acre Lancaster Project, including the Arbuckle, Wilcox, Tanneha, Red Fork and Big Lime formations.
AOK holds a 100% Working Interest and 81.25% Net Revenue Interest in this project.
----------------------------------Pennsylvianian Cleveland Sst Big Lime Oswego Prue Sst Skinner Sst Red Fork Sst (A,B) Tanneha Sst Bartlesville Sst--------------------------------------------------------------------Mississipian Burgess Sst Mississipi Chat Mississipi Lime Woodford Shale--------------------------------------------------------------------Ordivician Misener Sst Wilcox Sst (A,B,C) Tyner Sst Burgen Sst Arbuckle Dolo----------------------------------Stratigraphical Column - Tulsa County
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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