Mississippi Lime Development Drilling Success; Kay County, Northern Oklahoma
Sydney, Oct 12, 2012 AEST (ABN Newswire) - United States focused oil & gas produer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to update shareholders on its continued well development program at the company's 100% owned 5,500 acre Snake River Project in Kay County, Oklahoma.
ETU #1-6 Reaches TD
Drilling on the ETU #1-6 successfully reached TD of 4,683 feet overnight. Logs and Samples have confirmed the presence of multiple hydrocarbon bearing zones including the Layton, Cleveland, Skinner, Red Fork, Miss Lime, Woodford Shale. The Mississippi Lime interval was logged at 355 feet gross thickness with 12 feet of high porosity Chat and additional sections logging with between 8% to 9% porosity.
The well has been cased and will be completed for oil and gas production over the coming weeks.
ETU #1-7 to Spud
The rig is to move to the offset location for the #1-7. Drilling is expected to commence over the weekend and will target the Miss Lime interval with an expected TD of 4,700 feet.
Further information on well completions and results will be advised over the coming weeks.
For the well location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-699803.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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