additional horizontal wells at snake river pro

AusTex Oil announces additional Horizontal
Mississippi Lime Wells with Range
Resources Corporation
? Balder #2-31N planned to offset successful #1-30N Well
? Hod #1-19N Well to spud in October
United States focused oil & gas produer AusTex Oil Limited (ASX:AOK –
OTCQX:ATXDY) is pleased to update shareholders on its continued well
development program at the company’s 100% owned 5,500 acre Snake River
Project in Kay County, Oklahoma.
Following the success of the Balder #1-30N Horizontal Mississippi Lime well during
the June quarter, AOK has entered into further agreements to participiate in
additional horizontal well development with Range Resources Corporation
(NYSE:RRC). The Balder #1-30N has demonstrated the potential of the Mississippi
Lime interval having achieved a 30 day average IP of 899 boe/day and a peak 24
hour rate of 1,363 boe/day (782 barrels of oil, 340 barrels NGLs and 1,448 mcf
gas). AOK holds a 13.76% interest in the Balder #1-30N well.
Balder #2-31N Well
The Balder #2-31N Well is to be drilled as an offset to the successful Balder #1-30N
horizontal well on a 160 acre spacing. AOK will hold a 13.76% Working Interest in
the new well.
Hod #19-1N Well
AOK has entered into an agreement with Range Resources Corporation (NYSE:RRC)
to participate in Horizontal Well development in Section 19, Township 25N Range
1 West. Up to three wells are to be drilled with the Hod #1-19H well expected to
spud in October. AOK will hold 8.33% Working Interest in this well.
Additional Horizontal Well development is planned on the Snake River Project and
AOK will update further details in coming months.
Speaking from Tulsa, Richard Adrey, Executive Chairman commented, “We are
delighted to be participating with additional horizontal well development with
Range. With the proposed increased density to 160 acre spacing, this again
highlights the potential of our Snake River Project. Additional oil production is
coming on line as we test new vertical wells and we are on target with our 2
vertical well per month program. We have just drilled our tenth vertical well and
expect to have nine producing before the end of October”.
For further information please contact:
Daniel Lanskey, Richard Adrey
Managing Director Executive Chairman
Australia +61 408 885018 USA +1 918-743-7300