AusTex Oil Limited (ASX:AOK) Drilling Commences On Rolfs #1 Well And Acquires Additional 3,000 Acres
Sydney, Oct 11, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), advises that drilling has commenced on the Rolf #1 Well in North West Kansas. AOK has acquired a 50% Working Interest and 38% Net Revenue Interest with Castle Resources Inc.(CVE:CRI), as partner and operator in a 3,000 acre addition to its in Northwest Kansas Project.
The prospect is targeting the Arbuckle Formation in a proven oil producing area which previously drilled in the 1960s. Historical drilling in the area produced oil from the upper Arbuckle Formation. The Rolfs #1 well with an expected Total Depth of 3,400 feet is to test for further porosity breaks deeper in the Arbuckle Formation. Drilling operations are expected to be completed within 10-14 days.
AOK has invested US$100,000 for its land interest and to cover the dry hole costs of the Rolfs #1 well.
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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