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The Board of Austin Exploration Limited (ASX: "AKK") - on behalf its wholly owned US subsidiary AusCo
Petroleum Inc - is pleased to advise on the following operational updates:

Pathfinder Prospect, Fremont County, Colorado (85% of 11,500 acres)
Pathfinder C 11 – 12 No. 1 Well:
The Company has successfully drilled a 4100ft horizontal leg to a total measured depth (MD) of 9870 ft at its
Pathfinder project in Colorado. The 4100 foot (approx 1,250 metre) leg of this well was drilled successfully with
no operational issues experienced during drilling. The drilling of the horizontal leg of the well was successful
while staying in the zone of interest that the Company determined to have the best formation characteristics
and pay potential within the Niobrara Formation. Hydrocarbon shows were encountered throughout the
drilling of the horizontal leg.
The Company will now immediately move forward with preparations to complete and frac the well. A multistage
hydraulic fracturing stimulation treatment is expected by the end of October. Logging data, cutting
analysis, and pressure tests will be used to design the hydraulic fracturing treatment. Oil flow results expected
in time for the Company’s AGM in November.

Birch Prospect, Texas. (93.5% of 5000 acres)
Birch #3 Schwartz/Galbreath Well:
The well continues to flow-back drilling fluids to the surface under natural pressure. Approximately 50,000
barrels of drilling fluids were used to drill the 4000 ft horizontal leg of this well. Although it takes more time, it
is preferable that the well expel these fluids naturally rather than being lifted out by a pump jack. Austin’s
engineering team continues to monitor the well around the clock in expectation that oil production is
imminent. Results will be communicated to the market as soon as they become available.

PEL 105 Cooper Basin, South Australia.
50/50 Joint Venture with Beach Energy (ASX: BPT)
The Company has received notification from Beach Energy (ASX:BPT), as the Operator for this project, that
preparations are underway to drill the Pirie #1 well in calendar quarter 1 of 2013. The PEL 105 licence area in
the Cooper Basin has been flood-affected since 2009 and drilling on the block has not been possible since that
time. Following these extensive delays the Company is pleased that that planning preparations to drill this
project have begun. Under the existing Joint Operating Agreement, Beach Energy will pay for the first $1.75
million. Following this, the costs will be split 50/50 to through to the completion of the well.
PEL 105 is an area of approximately 5000 acres and is located approximately 60 kilometres north of Moomba in
South Australia. As announced previously, estimated recoverable reserves on a P50 basis for this well are 2
Million barrels of oil.