AusTex Oil EGM Presentation
Sydney, Nov 26, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) are pleased to provide a Company Investor Presentation titled 'Targeting - Light Oil Sweet Spot of the Mississippi Lime Play'.
Investment Highlights
- Mississippi Lime has emerged as one of the top light oil plays in North America
- AusTex provides strong leverage to the play with 23,000 net acres in Oklahoma and Kansas
- Targeting the light oil sweet spot with its Snake River Project (5,500 acres adjacent to the Nemaha Ridge)
- Participation with Range Resources provides verification for the play with strong results from first horizontal well and at least a further four horizontal wells to come
- First well Balder #1 (AOK 14%) achieved a 30 day average of 899 boepd (70% oil) & peak rate 1,363 boepd
- Second well - Hod #1-19 drilled successfully reach TD during November 2012 - Testing Underway
- Production rate of ~500 boepd targeting 750-800 boepd by end of CY 2012 benefiting from ongoing vertical and horizontal programs
- Potential to grow acreage position given AusTex's established landowner relationships
- Strong technical team and Board with extensive success and experience
- Funded for ongoing appraisal and development of the Company's acreage in the Mississippi Lime Play
View the complete presentation at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-708507.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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