Achieves 12,000 BOE for October
Sydney, Nov 14, 2012 AEST (ABN Newswire) - United States focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to report a further increase in net Oil and Gas production in October from its operations in Oklahoma and Kansas. Production for October averaged 390 boe/day representing an 18% increase from September and a 41% increase on August production numbers.
A summary of oil and gas production is shown in the table below:-
---------------------------------------------Month Total Production Average Daily BOE Production BOE/day ---------------------------------------------July 8,234 266August 8,580 277September 9,914 330October 12,077 390---------------------------------------------
Average daily production for October was 390 boe/day with a peak 7 day average in excess of 500 boe/day achieved in the second half of the month.
Executive Chairman Richard Adrey commented: "Our operations team in Oklahoma continues to deliver oil and gas production growth while lowering costs of development. The continued development program at the Snake River Project in Northern Oklahoma is on schedule, with 2 new vertical wells being drilled each month.
As these new vertical wells come on-line we are seeing initial production rates above 100 boe/day, which is extremely pleasing. The first well at Production Hub No.2 has now been in production for 75 days and during this period it averaged 85 boe/day, returning over 50% of its investment.
AusTex is also very encouraged by the progress of its horizontal well participation program with Range Resources.
Drilling of the second horizontal well in which we are participating, the Hod #1, is underway and we expect to update shareholders in the near future on its progress.
AusTex is now witnessing consistent growth in monthly production as we bring new wells on-stream. With both horizontal and vertical wells being developed, we are advancing strongly towards our objective of achieving monthly production exceeding 1,000 boe/day with a near term goal of 700 boe/day."
View the full AusTex announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-706268.pdf
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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