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AusTex Oil Limited (ASX:AOK) Miss Lime Horizontal Well 90 Day Results Exceed Expectations

Sydney, Australia, Oct 11, 2012 - (ABN Newswire) - United States focused oil & gas produer AusTex Oil Limited (ASX:AOK.AX - News) (OTCQX:ATXDY - News) is pleased to update shareholders on its continued well development program at the company's Snake River Project in Kay County, Oklahoma.

AusTex is delighted to report the Balder #1-30N well (AOK 13.76% WI), in which the company is participating with Range Resources Corporation (NYSE:RRC - News), has achieved a return on investment for AusTex of 67.24% (including drilling and operating expenses) based on the first 90 days of production revenue.

Following the success of Balder #1-30N, AusTex is also pleased to report that the Hod #1-19H Horizontal Well is expected to spud this month. As announced on September 12, AOK will hold an 8.33% Working Interest in this well following an agreement with Range Resources to participate in additional Horizontal Well development in Section 19, Township 25N Range 1 West.

Executive Chairman Richard Adrey commented: "The results from Balder #1-30N are beyond our initial expectations and indicate that the well is a valuable asset for AusTex as we continue to build our production profile. Range Resources has reported that the Balder #1-30N is one of their best ever performing horizontal wells, which bodes well for the future.

"The success of the Balder #1-30N well demonstrates that Snake River holds considerable unlocked potential, and we are continuing to pursue additional horizontal well participation opportunities.

"We will continue to keep shareholders updated as our vertical and horizontal well development program progresses."

View the full AusTex Oil announcement including Figure 1 at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-699581.pdf

Follow Austex on Twitter: http://www.twitter.com/AusTexAOK

About AusTex Oil Limited:

AusTex Oil Limited (ASX:AOK.AX - News) (OTCQX:ATXDY - 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.

Contact:

AusTex Oil Limited T: +61-2-9238-2363 F: +61-2-8088-7280 WWW: www.austexoil.com

Source:

AusTex Oil Limited

Copyright (C) 2012 ABN Newswire. All rights reserved.

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