AusTex Oil Limited (ASX:AOK) Second Well Intersects Mississippian Formation
Sydney, Sep 8, 2011 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), an independent exploration and production company, is pleased to advise the following update on operations at the Snake River Project in Kay and Noble Counties, Oklahoma.
Drilling on the ETU #14-5 development well successfully reached TD at 4,650 feet on September 2, 2011 (Central Time). Samples and logs confirm that 300+ feet (gross) of porous, fractured Mississippian strata were penetrated by the well.
Both the #15-4 and #14-5 wells have now been cased and technical staff are designing hydraulic fracture stimulations for each. The wells are expected to come on line by the end of October.
The #15-4 and #14-5 completions constitute an important first step in the Snake River development program. Results from these two completions will prove up additional drilling locations within the East Tonkawa Unit and will also assist in shaping the development plan for the greater Snake River Project area.
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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