New Mississippi Lime Well in Kansas to Spud
Sydney, June 19, 2012 AEST (ABN Newswire) - United States focused oil & gas producer and explorer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to announce that it is advancing its well exploration program with the commencement of drilling operations at its Cooper Project located in Sheridan County, Kansas.
AOK holds a 53% working interest in the 11,600 acre Cooper Project. This week the company will spud the Quackenbush #1 vertical well following a review of the 3D seismic data. The Toronto, Lansing Kansas City and Mississippi Lime Plays will be targeted in the planned 4,800 foot well.
AOK has permits in place to drill multiple vertical wells in the Cooper Project and plans to undertake an active exploration well program with the goal of establishing the project as another major production hub for the company. In January 2010, the Clark #1 wildcat discovery well was completed in the Lansing Kansas City formation and is producing oil from that interval.
As well as its exploration activities in Kansas, AOK is continuing its aggressive well development program at the 5,500 acre Snake River Project in Oklahoma. Two vertical wells will be drilled each month between now and December 2012 with four vertical wells drilled so far in May / June.
AOK's Executive Chairman Mr Richard Adrey said: "We are pleased to be stepping up our exploration efforts in Kansas, and we believe the Cooper Project represents excellent potential following a review of the seismic data by our geophysical team.
"We have been particularly encouraged by the announcement from NYSE listed Apache Corporation last week that it is has secured significant acreage in Kansas targeting the Mississippi Lime Play. Apache's acreage is adjacent to AOK's projects which gives us further confidence in the region."
"Our well development program in Oklahoma remains on track, and we will continue to drill two vertical production wells each month at the Snake River Project. As we have previously stated, we are also assessing participation opportunities in additional horizontal wells."
AOK will update shareholders on its drilling program in Oklahoma and Kansas in the coming weeks and the status of well completion activities at Snake River.
View the full release including charts here;
http://media.abnnewswire.net/media/en/docs/ASX-AOK-682763.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.
| ||
|
