AusTex Oil Ltd. Delivers 75% Increase in Production for June
Australia (Sharewellnewswire) July 31, 2012 – United States focused oil & gas producer 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/d, 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.
| Month | Total Production BOE | Average Daily Production |
| January | 6,698 | 216 |
| February | 4,320 | 149 |
| March | 5,385 | 175 |
| April | 4985 | 166 |
| May | 5300 | 170 |
| June | 8980 | 299 |
AusTex is confident that production will stabilize 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 Mr 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 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.”
| Well | Status | |
| East Tonkawa Production Hub | ||
| ETU #14-5 | Producing – Mississippi Lime | |
| ETU #15-4< | Producing – Mississippi Lime | |
| ETU #17-6 | Production Testing | |
| ETU #14-7 | Production Testing | |
| Adams #1 | Producing – Mississippi Lime | |
| Balder #1-30N (AOK – 14.15%WI) | Producing – Mississippi Lime | |
| Blubaugh Production Hub | ||
| Blubaugh #20-1 SWD | Disposal well – Completed | |
| Blubaugh #20-1 | Under completion – Mississippi Lime | |
| Blubaugh #20-3 | Under Completion – Mississippi Lime | |
| Blubaugh #21-3 | Under completion – Mississippi Lime | |
| Blubaugh #20-4 | Under completion – Mississippi Lime | |
| Kansas | ||
| Clarke #1 | Producing - Lansing Kansas City | |
| Cooper # 1 | Producing - Lansing Kansas City | |
| Ludwick #1 | Awaiting SWD – Arbuckle | |
| Mollhagen #1 | Awaiting SWD | |
| Quackenbush #1 | Mechanical issues | |
AusTex Oil Ltd (ASX: AOK, OTCQX: ATXDY) is an Exploration and Production company that is focused on the development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas. AOK holds interests in ~26,000 net acres of oil and gas leases, including acreage in the highly prospective Mississippi Lime play in Northern Oklahoma and Kansas. AusTex’s ADRs trade at a 50:1 ratio to its Ordinary shares.
For further information please contact :
Daniel Lanskey,
Managing Director
Australia +61 408 885018
Richard Adrey
Executive Chairman
USA +1 918-743-7300
Other Details :
Company Name : AusTex Oil Limited
Stock Symbol : ATXDY, AOK.ax
Website : http://www.austexoil.com
Email : Dan.lanskey@austexoil.com
Source : AusTex Oil Ltd. Delivers 75% Increase in Production for June (Sharewellnewswire)