Sydney, Australia, Feb 8, 2013 - (ABN Newswire) - United States mid-continent focused oil & gas producer AusTex Oil Limited (ASX:AOK.AX - News) (OTCQX:ATXDF - News) is pleased to update shareholders on its vertical well drilling program at the Company's 100% owned and operated Snake River Project in Northern Oklahoma.
Cletus #20-10 Well - Drilling Underway
Drilling on the #20-10 vertical development well has commenced. As an offset to 6 other successful vertical wells in a 640 acre area, the #20-10 is targeting the Mississippi Lime formation.
Overnight the drilling operator reported the rig was drilling ahead at 3,320 feet with an expected TD at 4,750 feet expected to be reached in the next few days. The rig is then contracted to drill two more vertical wells at the Snake River Project before the end of February.
AusTex is also pleased to report that its well development program is progressing, and two additional vertical wells are expected to enter production in the coming weeks which will drive the continued and steady growth in production.
Executive Chairman Richard Adrey commented: "Our vertical well development program at Snake River is on track and progressing well. We are well placed to continue our track record of stable and sustainable production growth at Snake River. We will also shortly ramp up drilling activities at our Kansas projects and we look forward to updating shareholders in this regard."
Overleaf are some images of AusTex's well development activities at the 100%-owned Snake River Project.
View the AusTex Oil announcement at the link below:
About AusTex Oil Limited:
AusTex Oil Limited (ASX:AOK.AX - News) (OTCQX:ATXDF - News) is an Australia-based company. The Company is engaged in the development of oil and gas leases in the United States. It produces oil and gas from leases in Oklahoma and Kansas. It is also engaged in the exploration, development and production of hydrocarbons in the United States. Its wholly owned subsidiaries include International Energy Corporation (Oklahoma), International Energy Corporation (Kansas) and Well Enhancement Services LLC. During the year fiscal year ended March 31, 2009 (fiscal 2009), the Company was engaged in the drilling of three wells on the Lancaster Lease group, Tulsa County; two wells on the Sweet Unit, Pawnee County, and one well on the BlueHawk Project in Osage County.
AusTex Oil Limited T: +61-2-9238-2363 F: +61-2-8088-7280 WWW: www.austexoil.com
AusTex Oil Limited
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