Drilling Success on ETU 17-6 Snake River Project
Sydney, June 12, 2012 AEST (ABN Newswire) - United States focused oil & gas producer and explorer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) today announced that the ETU #17-6 production well in the company's 5,500-acre Snake River Project in Northern Oklahoma has reached a Total Depth (TD) of 4,693 feet.
The well was deepened through 350 feet of the Mississippi Lime structure and had oil shows in the samples and in the pits during drilling and will be completed for production in the Mississippi Lime interval.
Drilling on the ETU #14-7 has commenced and surface pipe has been set with an expected TD of 4,750 feet and is also targeting the Mississippi Lime interval.
AOK holds a 100% working interest and 81.25% net revenue interest in the Snake River Project which sits in the highly prospective Mississippian Lime Play of Northern Oklahoma and Kansas.
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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