AusTex Oil Limited (ASX:AOK) Completes Management Reserve Estimates for Snake River Project in Northern Oklahoma
Sydney, Dec 21, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) says today that following on from the recent production success in Northern Oklahoma, AusTex Oil Limited is pleased to announce that management has completed a review of the oil and gas leases operated by the Company in this area only. Austex holds a 100% Working Interest and ~80% Net Revenue Interest in the 6,000 acre Snake River Project in Kay and Noble Counties, Oklahoma.
The probabilistic unaudited estimates have been prepared by Dr Peter Power, a Geologist and Non-Executive Chairman of Austex Oil Limited in accordance with generally accepted engineering and evaluation principles set forth by the Society of Petroleum Engineers (SPE) PRMS guidelines. It is the Company's conservative view that the P90, P50, P10 reserves estimates correspond to proved, proved plus probable and proved plus probable plus possible reserves respectively under the ASX Listing Rules. Dr Power, who has over 40 years industry experience has consented to the inclusion of the technical information in this announcement.
AusTex Oil Limited has commissioned Lee Keeling and Associates of Tulsa, Oklahoma to complete an Independent Reserve Report on all US oil and gas interests held by Austex Oil. Additional estimates by project area will be released in early 2012.
For the complete announcement including tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-661953.pdf
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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