Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	AOK
Latest Price:	0.11 (0.00%)
52-week High:	0.16
52-week Low:	0.07
Market Cap:	34.35M

1 year chart

1 day chart

AusTex Oil

AusTex Oil (ASX: AOK) is focused on reworking and development of oil and gas leases in the U.S.

AusTex Oil goes 4 for 4, finding oil in Oklahoma

Thursday, October 01, 2009 by Andrew McCrea

Investors could be excused for thinking it was Groundhog Day, as AusTex Oil (ASX: AOK) repeated earlier drill successes in Tulsa County, Oklahoma, finding oil and gas a fourth time within a month.

However, the question needs to be posed, is the best yet to come?

Ron Link, senior field engineer for AusTex Oil, said today “We haven’t found our best well yet on this property, and further drilling is not only justified but necessary”.

Open-hole logs run overnight in Mayo Moore #3 indicate recoverable hydrocarbons in at least four formations including the Arbuckle Limestone. Casing has been set and the well will be completed for production testing in the coming weeks.

Since 16 September, AOK has drilled 4 successful wells with completion of the Mayo Moore #1 and Mayo Moore #2 in the final stages.

AOK holds a 100% working interest and 81.25% net revenue interest in this project.

Earlier discoveries, Mayo Moore #1 and Mayo Moore #2 are nearing completion.

The Mayo-Moore lease group "has proved to be an exciting lease addition for AOK with 3 successive wells that indicate excellent shows of oil and gas in multiple formations," said Dan Lansky managing director of AOK.

Engineering staff are currently planning and permitting an additional four more wells on this section of the Lancaster Lease group. Negotiations to acquire additional contiguous acreage are well advanced.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.