A stand-out for the December 2011 quarter for Austin Exploration was the much-anticipated commencement of the Company’s largest ever drilling project with the first of three wells drilled on the newly acquired Eagle Ford Shale acreage in Burleson Texas. Significantly, the first well – Krueger #1 – was successfully drilled to target depth with positive results from targeted formations, including highly encouraging hydrocarbon shows from the Eagle Ford formation target. Full production and flow testing of the well is about to commence following the setting of production casing. A dual-producing oil and gas well is being considered as an option to maximize cash flows. Austin Controls 93.5% of this 5000 acre + project with the opportunity to drill 32 horizontal wells at 160 acre spacing.
AKK Price at posting:
3.6¢ Sentiment: None Disclosure: Held
