Sydney, Australia, Jan 17, 2013 - (ABN Newswire) - United States focused oil & gas producer AusTex Oil Limited (ASX:AOK.AX - News) (OTCQX:ATXDY - News) is pleased to report record production of 42,892 barrels of oil equivalent (BOE) for the quarter ended 31 December 2012, with an average of 466 BOE/Day for that period.
Net oil and gas production for the month of December 2012 was 16,785 BOE net to AusTex, up from 14,030 BOE for November 2012. During the month, peak production rates were ~740 BOE/Day with an average production rate for the month of December of 542 BOE/Day. Production levels would have been significantly higher for the month, and also the quarter, however operations were impacted by unseasonably poor weather conditions which resulted in lost production of 4 days.
AusTex continues to experience strong production growth each quarter and a consistent increase in average daily flow rates. This is due primarily from the consistent production being achieved from the 4 deepening recompletions and 6 newly drilled vertical wells currently producing at the company's 5,500 acre Snake River Project.
Executive Chairman, Richard Adrey, commented: "Growth through steady production is a direct result of our continued drilling program coupled with a team that is tirelessly working to improve results at our Snake River Project in northern Oklahoma. Inclement weather interrupted some of our December production; however, peak and average rates are continuing to improve. We have improved our completion program from the original deepenings and new drills with six wells in the completion phase."
"We have achieved our previously stated production goals and will announce our 2013 goals with an update to the market. Additionally, with an oil ratio above 70% we are seeing our monthly revenues now contributing cash flow in excess of our monthly fixed operating expenses."
AusTex will shortly update shareholders on its production and completion operations.
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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.
AusTex Oil Limited T: +61-2-9238-2363 F: +61-2-8088-7280 WWW: www.austexoil.com
AusTex Oil Limited
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