Austin Exploration to reveal farm-in for Birch Eagle Ford property in Texas
Thursday, May 30, 2013 by Proactive Investors
Austin Exploration (ASX: AKK) is preparing to release details in relation to a farm-in for the company’s Birch Eagle Ford property in Texas. Austin has been granted a trading halt this morning, with its shares placed in pre-open.
Austin controls more than 11,000 acres in Colorado in the Niobrara Shale and over 5,000 acres in Texas in the Eagle Ford Shale and the Austin Chalk.
U.S. independent Halcon Resources (NYSE: HK), a US$2 billion market cap, had recently flagged that it would expand its Eagle Ford acreage in eastern Texas, where the Birch property is located, after drill seven successful horizontal wells that had average production rates of 894 barrels of oil equivalent per day each.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 3rd June 2013.
