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Gustavson Associates Independent Resources Report
• Independent consultant Gustavson Associates has confirmed the potential of Austin
Exploration’s two flagship projects in Colorado and Texas.
• The international oil, gas and mining consultant makes P50 (50% probability)
ultimate recovery estimates of 31.28 Million barrels of oil and 66.53 Billion cubic feet
of gas at the Company’s two flagship properties in Colorado and Texas
• Company fully funded to meet its June 30 2013 drilling commitments
• Company controls 93.5% of 5000 acres in Texas and 85% of 11,500 acres in Colorado
Austin Exploration (ASX:AKK) has received the independent consultant’s report from Gustavson Associates
covering resource estimates of the Company’s flagship projects in Colorado and Texas.
Gustavson’s analysis estimated reserves ranging from P90 probability figures of 22.3 million barrels of oil and
40.5 billion cubic feet of gas to P10 probability figures of 45.87 million barrels of oil and 114.9 billion cubic feet
of gas.
A summary of the Gustavson analysis is presented below and an executive summary is attached to this report:

Estimated Ultimate Oil
Recovery
MMBbl ( Million Barrels)
Cum
Production,
MMBbl
Oil Resources,
MMBbl (Million Barrels)
Solution Gas Resources, BSCF
Billion cubic feet
P90 P50 P10 P90 P50 P10 P90 P50 P10
Birch Prospect 5.36 9.53 17.51 0.19 5.17 9.34 17.32 21.41 42.01 82.99
Pathfinder Prospect 16.94 21.76 28.36 16.94 21.76 28.36 19.09 24.52 31.96
TOTAL 22.30 31.28 45.87 22.11 31.09 45.68 40.51 66.53 114.95 Listed on the Australian Securities Exchange (“AKK”) and the OTC-QX International in the USA (AUN-XY)
ACN 114 198 471
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ABOUT AUSTIN EXPLORATION:
Austin Exploration is an Oil and Gas Company with assets in Australia and the United States. Austin has strategically
shifted its core focus towards non-conventional shale exploration in the United States. The Company has now established a
major presence in two of America’s most prolific oil and gas basins. 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. Austin has producing oil
and gas wells in Texas, Mississippi and Kentucky. Austin also has a highly prospective Oil and Gas Licence, PEL 105, in the
Cooper Basin of South Australia. The company’s wholly owned US Subsidiary, Aus-Tex Exploration Inc, turned cash flow
positive in January 2011. To face future opportunities, Austin has strengthened it board and management teams. Austin is
listed on the Australian Securities Exchange (ASX code: AKK) and on the OTC-QX International in the United States (AUNXY).
DISCLAIMER:
This announcement contains or may contain “forward looking statements” within the meaning of Section 27A of the Securities Act of1933 and Section
21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking
statements.” Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a
number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking
statements in this action may be identified through the use of words such as “expects”, “will,” “anticipates,” “estimates,” “believes,” or statements
indicating certain actions “may,” “could,” or “might” occur.Preliminary Resources Evaluation Report
Birch and Pathfinder Prospects
Burleson County, Texas, and
Fremont and Custer Counties, Colorado
Prepared on Behalf of
Austin Exploration, Limited
August 27, 2012
Submitted By:Preliminary Resources Evaluation Report
Birch and Pathfinder Prospects
Burleson County, Texas, and
Fremont and Custer Counties, Colorado
Prepared on Behalf of
Austin Exploration, Limited
August 27, 2012
Letha C. Lencioni
Registered Petroleum Engineer
State of Colorado #29506
Submitted By:1. EXECUTIVE SUMMARY
Gustavson Associates LLC (the Consultant) has been retained by Austin Exploration Limited
(the Client, Aus-Tex) to prepare a Report regarding the reserves and resources underlying the
acreage position owned by Aus-Tex in the states of Texas, Colorado, Kentucky, and Missippi.
This Preliminary Report presents the resource estimates for the two largest assets, the Birch
Prospect in Burleson County, Texas; and the Pathfinder Prospect in Fremont and Custer
Counties, Colorado. This Report is limited to a report on the reserves and potential undiscovered
oil and gas resources underlying the acreage position. This Report does not attempt to place a
value thereon.
The Birch Prospect comprises 5,000 +/- gross and net acres, with the primary targets being
horizontal wells in the Eagle Ford Shale and the Austin Chalk. The Austin Chalk has produced
192 MBO from four vertical wells, now inactive, on this property, and numerous horizontal
wells in neighboring counties. The Eagle Ford produces from several wells in Burleson County.
Our resources estimates were based on a probability distribution of expected ultimate recovery
(EUR) based on analysis of the performance of these wells, and the likely number of locations to
be drilled in the prospect area.
The Pathfinder Prospect comprises 11,560 +/- gross and net acres, with the primary target being
horizontal Niobrara wells. Historical production from the Pierre Shale in the Florence Field has
occurred from this property, but is not considered a major target for further development. No
horizontal Niobrara wells have been produced nearby. Resource estimates for this prospect were
based on a probability distribution of expected ultimate recovery (EUR) based on analysis of the
performance of horizontal Niobrara wells located elsewhere in Colorado and Wyoming, and the
likely number of locations to be drilled in the prospect area. Resource estimates are summarized
below.
Cum
Production,
MMBbl
90 50 10 90 50 10 90 50 10
Birch Prospect 5.36 9.53 17.51 0.19 5.17 9.34 17.32 21.41 42.01 82.99
Pathfinder Prospect 16.94 21.76 28.36 0.00 16.94 21.76 28.36 19.09 24.52 31.96