Drilling Success Continues at Snake River
Sydney, Feb 12, 2013 AEST (ABN Newswire) - United States mid-continent focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to update shareholders on its vertical well drilling program at the Company's 100% owned and operated Snake River Project in Northern Oklahoma.
Cletus #20-10 Well - Drilled and Cased
Drilling operations on the Cletus #20-10 well successfully reached TD at 4,745 feet, intersecting 270 feet of the target Mississippi Lime interval. Samples and logs reported excellent oil and gas shows in multiple formations, including the Mississippi Lime and Chat intervals.
The well has been cased and will be completed for production testing over the coming 3-5 weeks.
Blubaugh #21-1 Well - Drilled and Cased
The Blubaugh #21-1 well has also been drilled, reaching a Total Depth of 4,704 feet, intersecting 330 feet of the target Mississippi Lime interval.
Logs and samples indicate the presence of hydrocarbons in multiple formations, including the Mississippi Lime and Chat intervals. The #21-1 well is being developed at 40 acre spacing offsetting the producing #21-2 well with expected ultimate recovery at 20 acre spacings.
The Well has been cased and will be completed for production testing over the coming 3-5 weeks.
ETU #14-8 Well - Drilling to commence shortly
AusTex is pleased to also announce that drilling on the ETU #14-8 will commence within the next seven days. The well is also located in the 100% owned Snake River River Project.
Executive Chairman Richard Adrey commented: "Our drilling program continues to progress successfully at Snake River, with the Cletus #20-10 and Blubaugh #21-1 wells reporting encouraging oil and gas shows in multiple formations.
"Oil and gas production continues to grow as our well development program progresses in Oklahoma, and we have three new wells coming on line this month. Drilling operations are planned to continue with the rig moving onto the ETU #14-8.
"Our exploration activities also continue in Kansas, following an analysis of seismic data at the Colby project targeting the Lansing-Kansas City, Cherokee Sands and Mississippi Lime formations. We are encouraged by the results of this seismic data at Colby, and look forward to updating shareholders as exploration activities progress in this region."
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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