AusTex Oil Limited (ASX:AOK) Successfully Fracs 2nd Mississippi Lime Well in Northern Oklahoma
Sydney, Dec 7, 2011 AEST (ABN Newswire) - Following the successful completion of the ETU #15-4 well, AusTex Oil Limited (
ASX:AOK) is pleased to report the successful fracture stimulation of the offsetting development well ETU #14-5 located in Kay County, Oklahoma. This is the second well under completion of a planned 10 well program to delineate the Mississippi Lime interval across the company's leases.
With continued large investment by other operators on adjoining leases, significant production increases are being reported from the Mississppi Lime play in both vertical and horizontal wells.
See figure 1:http://media.abnnewswire.net/media/en/docs/ASX-AOK-660132.pdf
ETU #14-5 Production Well under Completion
On Monday 5th December (CST) the ETU #14-5 vertical development well was successfully fracture stimulated across two intervals in the Mississippi Lime formation between 4,342 and 4,610 feet. The well is currently flowing back fluid with approx. 2,000 barrels or 16% of the frac fluid recovered between 11pm Monday night and 2pm Tuesday afternoon whilst maintiaining 180 psi pressure at the surface.
An electric submersible pump (ESP) will be fitted over the next few days with flow lines and surface infrastructure already in place to commence production testing.
Speaking from Tulsa, Executive Director, Richard Adrey commented, "The operation ran smoothly with all instrumentation indicating a successful result. We are encouraged to see the well flowing back at this rate and will be monitoring the well constantly so that we can get the pump on as soon as practicable. With another 8 vertical wells planned over the coming months we will certainly gain a full understanding of the reservoir beneath us before going into a Horizontal Development program. A number of companies have expressed interest in particpating in our planned Horizontal Program next year and we are continuing both discussions and negotiations".
Drilling Program Ongoing
Drilling of an additional 8 vertical wells is planned to continue in Calendar 2012. Information gained from this drilling program will be used to refine the planned Horizontal Drilling program.
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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