AOK Extends Exploration in Mississippi Lime Play
Sydney, Feb 28, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) is pleased to report the following update on drilling operations in Northern Oklahoma:-
Adams #1 Well Spudded
Section 4, Township 24 North, Range 1 East
Noble County, Oklahoma
Drilling of the Adams #1 vertical development well commenced over the weekend. With an expected TD of 4,800 feet this well is targeting the Mississippi Lime formation. The well is located directly south of existing Mississippi Lime producing wells and is approximately 2 miles south east of the Snake River Project production held by AOK.
AOK holds a 10% Working Interest and 8% Net Revenue Interest in this well with Maxim Energy Corporation, a private oil and gas company, of Oklahoma as Operator. Whilst the iinvestment in this well is only US$50,000 it will provide additional data on Mississippi Lime as well as establish a new relationship with a drilling company and group of contractors outside of our existing resources while extending our delineation program to the south.
This is AOK's first partnership well in Northern Oklahoma within the Mississippi Lime play with additional opportunities under negotiation. The Board of Austex Oil limited will continually seek to partner with appropriate operators and contractors to better manage the resources of the company which in turn will add value for all share holders.
For the full Announcement, Please view this link:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-668873.pdf
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.
| ||
|
