Weekly Drilling Update- Northern Oklahoma
Sydney, Mar 26, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX: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
As at 22 March 2012, the operator, Range Production Company Inc., reported that the Trinidad No. 209 Rig was drilling ahead at 5,789 feet in the lateral section of the well. During the week, 7 inch intermediate casing was set to 5,040 feet and drilling commenced on the horizontal lateral into the targeted Mississippi Lime interval.
Drilling operations are to continue to a minimum lateral length of approximately 2,200 feet. Further updates will be made as the well reaches the planned target depth.
Range Production Company Inc., a subsidiary of Range Resources Corporation (NYSE:RRC), is the operator and holds the remaining working interest.
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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