AusTex Oil Limited (ASX:AOK) Commences Baggett #33-4 Well Drilling On Lancaster Lease Group, Oklahoma
Sydney, July 22, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), advises that drilling of the Baggett #33-4 commenced overnight on the Lancaster Lease Group, Tulsa County, Oklahoma. Surface pipe has been set at 322 feet.
The well is targeting the Red Fork and Tenaha Formations with an expected Total Depth of 1,900 feet. Drilling operations should be completed within 3-4 days.
The Hollie #2, Mayo Moore #6 and the Helen Lancaster #1 wells have now been completed for production with pump jacks being fitted. Production testing on these three wells will commence later this week.
AOK holds a 100% Working Interest and 81.25% Net Revenue Interest in this project.
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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