AusTex Oil Production Underway at Ludwick No. 1 Well - Kansas
Sydney, April 11, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to advise the following update on operations in Kansas.
AusTex Oil and Castle Resources Inc., as operator, are working interest partners under a Joint Operating Agreement in oil and gas leases in Ellsworth and Rice Counties, Kansas.
Ellsworth Project - 3,200 acres
AOK 50% Working Interest 38% Net Revenue Interest
Ludwig #1 Well
Section 35 - Township 19S - Range 10W
Rice County, Kansas
Castle Resources Inc., as operator, reports that production testing on the Ludwig #1 well are underway. As previously reported on 8 March 2012 a Drill Stem Test was conducted on a 51 foot section of the Arbuckle interval between 3,237 feet and 3,288 feet. During the one hour test 19.29 barrels of clean 42 gravity oil and a quantity of gas were recovered.
The well has now been completed for production in the Arbukcle interval with a rod pump fitted. During the last week production testing has been undertaken using a diesel generator to supply electricity to the pump. The well has operated for 8 hours each day over consecutive days and has produced 240 barrels of oil during each 8 hour period with no water produced. It is expected that a permanent electricity connection will be in place by the end of the month. In the meantime the well will continue to run each day for 5-8 hours on the diesel generator.
A review of the 3D Seismic data on the location indicates that there are another 3 well locations on the 4 way closure. The next well is scheduled to spud on April 28.
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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