Drilling Underway on Blubaugh Well in Northern Oklahoma
Sydney, April 26, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to announce the following update on drilling operations in Northern Oklahoma.
Snake River Project - Blumbaugh #20D-1 SWD Well
Section 20, Township 25 North, Range 1 East
Kay County, OklahomaAOK 100% Working Interest 80% Net Revenue Interest
Drilling of the Blumbaugh #20D-1 Well is underway at the Snake River project, Kay county, Oklahoma. The well is to be drilled to an estimated TD of 6,100 feet into the Arbuckle Formation which underlies the Mississippi Lime interval. The well is being drilled as a new salt water disposal well on the northside of the river which bisects the project area and will be used to dispose of produced water from additional production wells to be drilled in the coming months.
Surface casing has been set at 250 feet surface and the well is drilling ahead at 2,440 feet as at 5pm, 25 April 2012, Central Time. Mud logs and samples have indicated the presence of hydrocarbons in the shallow Pennsylvanian intervals.
A full suite of electronic logs is to be run on the well to gain an insight into all of the underlying formations as this is the first well to be drilled by AusTex on the north side of the river. There is existing oil production from the Mississippi Lime interval from wells in adjacent leases.
Once drilling on this well is completed the rig is scheduled to move to drill the Blumbaugh #20-1 production well targeting the Mississippi Lime interval. (see Figure 1 below).
To view the complete AusTex Oil announcement including Figure 1, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-676211.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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