AusTex Oil Limited (ASX:AOK) Northern Oklahoma - 2nd Miss Lime Well Exceeds Expectations
Sydney, Jan 30, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) is pleased to provide a report on Northern Oklahoma Production Update - 2nd Mississippi Lime well exceeds expectations.
- ETU #14-5 Well 30 day IP averages 90 boe/d.
Snake River Project - 6,000 acres Northern Oklahoma
AOK 100% WI ~80% NRI
ETU #14-5 - Production Update
The well has now been tested for a period of 30 days with an Electric Submersible Pump. During this period the well was shut in at various times for final adjustments.
On 14 January 2012, a peak 24 hour rate of 90 bopd and 100 mcf/d was recorded being 106 boe/day. Since production testing began the well has averaged 90 boe/d (80% Oil).
Fluid level in the well is still approximately 2,000 feet above the highest perforations.
Speaking from Tulsa, Richard Adrey, Executive Director of AOK stated "We see the Mississippi Lime play as a unique reservoir that is in the very early stages of optimization. We have aligned ourselves with hydraulic fracturing specialists with decades of experience in unconventional reservoir exploitation. To date we are very pleased with the results of our approach, and are on pace for an investment recovery in this well within six months with decline-curves factored in."
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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