Drilling Underway on Balder 1-30N Horizontal Well
Sydney, Mar 14, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (PINK:ATXDY) is pleased to report the following update on drilling operations in Northern Oklahoma.
Snake River Project - Balder #1-30N Horizontal Well
Section 30, Township 25 North, Range 1 East
Kay County, Oklahoma
AOK 12.25% Working Interest 9.5% Net Revenue Interest
Drilling of the Balder #1-30N horizontal development well commenced over the weekend. With an expected TFD of 9,600 feet including a horizontal section, this well is targeting the Mississippi Lime formation. The well is being drilled on a 320 acre spacing and is located directly west of AOK's recently completed Mississippi Lime producing wells. (To see Figure 1 - please refer to the link at bottom of release).
A subsidiary of Range Resources Corporation (NYSE:RRC), Range Production Company Inc., is the operator and holds the remaining working interest. Drilling of the well is expected to take up to 21 days.
Background
Range Resources Corporation holds interests in ~125,000 acres of oil and gas leases within the defined Mississippi Lime play. Being one of the first movers in the horizontal development of the play, Range Resources Corporation has gained valuable experience in driling and completing this type of well with multiple stage fracs. The economics of their wells are shown below in an excerpt from the Range Resources February 2012 Investor Presentation. www.rangeresources.com
Speaking from Tulsa, Executive Director of AOK, Richard Adrey commented, "We are extremely excited to be a working interest partner in this well with Range and look forward to working several such deals as part of our continuing program".
To view the complete AusTex Oil announcement, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-671232.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.
| ||
|
