AusTex Oil updates their well development program.

Australia (Sharewellnewswire) July 31, 2012 - United States focused oil & gas producer AusTex Oil Limited(ASX: AOK, OTCQX: ATXDY) is pleased to report oil and gas production rates for the month of June 2012.  

Production for the month of June increased to 299 BOE/d, a 75% increase on the prior month. The increase was due largely to the contribution from the Balder #1 horizontal well, in which AusTex participated with Range Resources Inc. (NYSE: RRC). Improved production from the Company’s producing vertical wells also contributed. 
 
MonthTotal Production BOEAverage Daily Production
January6,698216
February4,320149
March5,385175
April4985166
May5300170
June8980299
 
AusTex is confident that production will stabilize at current levels for the next month until new wells at the 5,500 acre Snake River Project come on stream. There are currently six vertical production wells under various stages of development with two wells now undergoing production testing. 

Executive Chairman Mr Richard Adrey commented: “We are pleased to confirm production levels for June set a new benchmark for AusTex. We are confident that with our active well development program, the Company will continue to increase production as new wells are transitioned from development to production. 

With six wells in various stages of completion and development, production levels are expected to increase in the coming months. We are also progressing with our program of drilling two new production wells at the Snake River Project each month which underpins future production increases.”  

Well Status
 East Tonkawa Production Hub 
 ETU #14-5 Producing – Mississippi Lime
 ETU #15-4< Producing – Mississippi Lime
ETU #17-6Production Testing
ETU #14-7Production Testing 
Adams #1Producing – Mississippi Lime
Balder #1-30N (AOK – 14.15%WI)Producing – Mississippi Lime
 Blubaugh Production Hub
Blubaugh #20-1 SWD Disposal well – Completed 
Blubaugh #20-1Under completion – Mississippi Lime
Blubaugh #20-3Under Completion – Mississippi Lime
Blubaugh #21-3Under completion – Mississippi Lime
Blubaugh #20-4Under completion – Mississippi Lime
Kansas
Clarke #1Producing  - Lansing Kansas City
Cooper # 1Producing  - Lansing Kansas City
Ludwick #1 Awaiting SWD - Arbuckle 
Mollhagen #1Awaiting SWD
Quackenbush #1Mechanical issues 

AusTex Oil Limited

AusTex Oil Ltd (ASX: AOK, OTCQX: ATXDY) is an Exploration and Production company that is focused on the development of oil and gas leases in the USA.  The company produces oil and gas in Oklahoma and Kansas.  AOK holds interests in ~26,000 net acres of oil and gas leases, including acreage in the highly prospective Mississippi Lime play in Northern Oklahoma and Kansas. AusTex’s ADRs trade at a 50:1 ratio to its Ordinary shares.

For further information please contact :

Daniel Lanskey,
Managing Director
Australia +61 408 885018

Richard Adrey
Executive Chairman
USA +1 918-743-7300

 

Contact Info:
Daniel Lanskey
+61 2 9238 2363
Dan.lanskey@austexoil.com
http://www.austexoil.com
AusTex Oil Limited

Source Link: AusTex Oil Ltd. Delivers 75% Increase in Production for June(SharewellNewswire.com)