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 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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