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Australia-listed Austin Exploration has found oil in its exploration well in Colorado, where crude oil is now flowing to surface.
The company discovered the oil at its C-18-1 well in Fremont county during drilling on Monday, local time.
Austin managing director Mark Hart said the early flows highlighted significant potential.
“The early flows are significant and it would appear that drilling has intersected a large, naturally fractured and over-pressured oil reservoir as the oil “spewed out” of the well bore and covered the rig and the crew,” Hart said.
“Watching this oil flow is a beautiful thing for our shareholders,” he added.
He added that management and engineering personnel were on site to monitor and analyse the first results from the well.
This is the company’s first attempt at producing from the highly-stressed Pierre formation.
Drilling was taken at a much slower pace over the well because of the pressure, allowing the company to take detailed results from the well.
Analytical work and testing will be carried out on the well over the next several days.