AusTex Oil Limited (ASX:AOK) Updates On Operations At The Lancaster Lease Group, Tulsa County, Oklahoma
Sydney, Dec 7, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) advises the following update on operations at the Lancaster Lease Group, Tulsa County, Oklahoma.
Lancaster #8 Production Update
Following production testing the well has now stabilised at 20 barrels of oil per day and associated gas from a 3 foot interval of the Arbuckle Formation at 2,550 feet. The completed well will pay out in seven months. Arbuckle production has water drive and is therefore long life with a low rate of decline. The well also intersected 100 feet of gross pay zone in the Simpson Series Formations, which remains behind the pipe for future production.
Lancaster #9 Completion Underway
The Lancaster #9 well is being completed for production in the Simpson Series Formations. Logs indicate the well intersected 150 feet of the hydrocarbon bearing zone between 2,400 feet and 2,550 feet. The well has been cased and perforated over a 10 foot interval. The well is to be stimulated with hydraulic fracturing which is scheduled this week. Production testing is scheduled in the week commencing 13 December, 2010.
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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