AusTex Oil Limited (ASX:AOK) ETU #15-4 Development Well Intersects 326 Feet of Mississippian Reservoirs
Sydney, Aug 24, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), an independent exploration and production company, is pleased to advise the following update on operations at the Snake River Project in Kay and Noble Counties, Oklahoma.
Drilling on the ETU #15-4 development well has successfully reached TD at 4,650 feet. Samples and logs confirm that 326 gross feet of the targeted Mississippian Reservoirs were encountered with oil shows. The well has been cased and is awaiting a multi-stage hydraulic fracture stimulation prior to completion for production testing.
The contracted rig has now commenced drilling on the ETU #14-5 location. This well is also targeting the the Mississippian Formations with an expected TD of 4,650 feet.
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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