AUSTEX OIL REPORTS DRILLING SUCCESS IN MISSISSIPPI LIME WELL,...

AUSTEX OIL REPORTS DRILLING SUCCESS IN MISSISSIPPI LIME WELL, NOBLE COUNTY, OKLAHOMA
ADAMS #1 intersects 310 feet of target interval
AusTex Oil Limited (ASX:AOK - OTCQX:ATXDY) is pleased to announce the following update on drilling operations in Noble County, Oklahoma.
Adams #1 Well
Section 4, Township 24 North, Range 1 East
Noble County, Oklahoma
Drilling on the Adams #1 well successfully reached a TD of 4,700 feet on Friday 2 March 2012 US Central Time and casing has been set through the Woodford Shale. Drilling samples and logs confirmed that the well encountered a 310 foot gross section of the target Mississippi Lime interval with oil shows. Wireline logs indicated four separate intervals within the Mississippi Lime and Chat with porosity ranging greater than 8%.
The well is to be completed for oil production testing. AOK holds a 10% Working Interest and a 8% Net Revenue Interest in this well which is approximately 2 miles southeast of existing oil production on the Snake River Project owned and operated by AOK. An accelerated drilling program is scheduled to continue this month on the Snake River Project.
A number of joint ventures have been announced by other operators in recent months as the preferred method to expedite regional development as the Mississippi Lime play is derisked with consistent well success. With a view to maximising current resources, AOK continues discussions with other operators and external parties with regards to ongoing opportunities to jointly develop its projects. (See Figure 1 below).
For Further Information – Please contact
Daniel Lanskey,
Managing Director,
Australia +61 2 9238 2363
AusTex Oil Limited
A.C.N. 118 585 649
ASX: AOK
OTCQX: ATXDY
Level 56, MLC Centre
19-29 Martin Place
Sydney NSW 2000
Telephone +61 2 9238 2363
Fax +61 2 8088 7280
Contact
Daniel Lanskey
Managing Director
[email protected]
Website
www.austexoil.com
Directors
Dr Peter Power (Chairman)
Kwang Hou Hung (Deputy Chairman)
Luis Vierma (Non-executive Director)
Daniel Lanskey (Managing Director)
Richard Adrey (Executive Director)
Kay Philip (Non-executive Director)
Company Secretary
Justin Clyne
Tel. +61 2 9238 2363
About AusTex
AusTex Oil Ltd (ASX: AOK) 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 exciting Mississippi Lime play in Northern Oklahoma and Kansas.
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