AusTex Oil Limited (ASX:AOK) Production Testing Commences on 2nd Mississippi Lime Well in Northern Oklahoma
Sydney, Dec 21, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) says that production testing on the ETU#14-5 has commenced with the well fitted with an electric submersible pump with a variable speed control unit. The well is being pumped at an initial rate of 1,100 barrels of fluid per day. During the first 24 hours the well has started to produce oil and gas along with the load water from frac operations.
The well will continue to be monitored and further updates will be advised after 30 days of production testing.
Managing Director, Daniel Lanskey commented, "We are entering a very exciting phase for AusTex. During the last 12 months we have been repositioning the company and now have a solid lease base in known proven reservoirs in Kansas and Oklahoma. The success with these 2 wells in the Mississippi Lime demonstrates that we can now duplicate a process and look for solid production growth over the next calendar year with a combination of vertical and horizontal well development."
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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