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 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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