AusTex Oil Limited (ASX:AOK) Second Well Intersects Mississippian Formation
Sydney, Sep 8, 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 #14-5 development well successfully reached TD at 4,650 feet on September 2, 2011 (Central Time). Samples and logs confirm that 300+ feet (gross) of porous, fractured Mississippian strata were penetrated by the well.
Both the #15-4 and #14-5 wells have now been cased and technical staff are designing hydraulic fracture stimulations for each. The wells are expected to come on line by the end of October.
The #15-4 and #14-5 completions constitute an important first step in the Snake River development program. Results from these two completions will prove up additional drilling locations within the East Tonkawa Unit and will also assist in shaping the development plan for the greater Snake River Project area.
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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