Delivers 75% Production Increase in June
Sydney, July 31, 2012 AEST (ABN Newswire) - United States focused oil & gas produer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to report oil and gas production rates for the month of June 2012.
Production for the month of June increased to 299 BOE, a 75% increase on the prior month. The increase was due largely to the contribution from the Balder #1 horizontal well, in which AusTex participated with Range Resources Inc. (NYSE:RRC). Improved production from the Company's producing vertical wells also contributed.
AusTex is confident that production will stabilise at current levels for the next month until new wells at the 5,500 acre Snake River Project come on stream. There are currently six vertical production wells under various stages of development with two wells now undergoing production testing.
Executive Chairman Richard Adrey commented: "We are pleased to confirm production levels for June set a new benchmark for AusTex. We are confident that with our active well development program, the Company will continue to increase production as new wells are transitioned from development status to production.
With six wells in various stages of completion and development, production levels are expected to increase in the coming months. We are also progressing with our program of drilling two new production wells at the Snake River Project each month which underpins future production increases."
To view the complete AusTex Oil announcement including Tables, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-687825.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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