AusTex Oil Limited (ASX:AOK) Reports Production Success on First Mississippi Lime Well in Northern Oklahoma
Sydney, Dec 20, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) says today that initial 30 day production testing on the ETU #15-4 well has now been completed at the East Tonkawa Unit (ETU) near Tonkawa, Northern Oklahoma. A pump jack with a rod pump is currently geared to pump 320 barrels of fluid per day. An average of 50 boe/d was recorded during the period with 37 bopd and 95 mcf of gas per day or 15% of total fluid.
Production testing on the ETU #14-5, which is currently being fitted with an electric submersible pump, is to commence this week.
Oil and Gas sales underway
Both wells are tied into sales facilities with gas sold via the Mustang Gas compression station which is located less than 1 mile from the ETU tank battery.
Additional Wells planned for 2012
The two wells are part of a planned 10 vertical well program to develop the Mississippi Lime formation. The data from the initial vertical well program will be used to finalise locations for horizontal development planned during calendar 2012. Vertical well spacing of 20 acres allows for up to 40 producing wells within the ETU.
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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