Quarterly Activities and Cashflow Report
Sydney, July 31, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is an oil and gas exploration and production company with operations in Kansas and Oklahoma, in the mid-continent of the United States of America.
The quarterly report to June 30, 2012 highlights follow:
Fast Tracks Mississippi Lime development in Northern Oklahoma
- First Horizontal Mississippi Lime well in production
- - 30 -day average 1,258 boe/day - AOK 13.76%
- Operations team drilling 2 vertical wells per month
- - Four vertical production wells now in production
- - Four vertical production wells cased - waiting on completion
- - Drilling contract in place for to drill two vertical wells per month
- 2nd Production Hub established with SWD facilities completed
Development delivers production growth
- June monthly oil and gas production averaging 300 boe/day (July revenue)
- Production to increase as new wells come on line each month
- Oil and gas sales gross revenue $US1.05m for quarter ($790,000 net to AOK)
AOK progressing work on Kansas Mississippi Lime acreage
- Completes seismic review on 27,100 gross acres (17,000 net acres)
- Multiple prospects identified - further exploratory drilling underway
51-101 Independent Reserve Report completed
- 2P Reserves 5.9m Barrels of Oil Equivalent
- Proved and Probable Net Reserves (2P) estimated with a 10% NPV at $US158.4m (48 cents per share)
Funding initiatives finalised
- Shareholders approve 2nd Stage of Placement and Convertible Note Issue
- $7.2m Cash at Bank as at 30 June
For the full release please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-687968.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.
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