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Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	AOK
Latest Price:	0.10 (5.26% )
52-week High:	0.13
52-week Low:	0.07
Market Cap:	22.59M

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AusTex Oil

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

AusTex Oil strikes more oil and gas in Oklahoma

Wednesday, November 18, 2009 by Proactive Investors

AusTex Oil (ASX:AOK) has struck more oil and gas success during drilling, with the Baggett #1-33 Well coming up trumps at the Lancaster Lease Group, Tulsa County, project in Oklahoma.

AusTex managing director Daniel Lanskey said as was the case with the Mayo-Moore #4 Well drilled last week, oil and gas were displaced to the surface from multiple formations during drilling operations.

"Open-hole logs indicate six conventional zones with recoverable hydrocarbons with probable commercial gas indicated in multiple zones," Mr Lanskey said.

He said casing had been set and the well will be completed for production in the coming weeks.

In the update to the market, the company announced drilling on the Baggett #1-33 Well reached the target depth of 2,432 feet on Monday.

Two additional wells are being permitted for drilling on this lease group in December 2009.

AusTex holds a 100% Working Interest and an 81.25% net revenue interest in this project.

Mr Lanskey commented said development within this lease group was the company's main focus leading into the New Year.

"Our Engineers have identified over 20 additional locations to drill in this section of the lease," he said.

"Our Senior Engineers and their team of contractors have been working in the Tulsa region together for over 20 years and are delivering results on schedule and budget.

"Since mid September AusTex as operator, has drilled six wells, with three wells already in production with oil and gas sales delivered to the purchasers."

Listed on the ASX in January 2008. AusTex is focused on reworking and development of oil and gas leases in the USA.

The company produces oil and gas from leases in Oklahoma and Kansas. In Oklahoma, the Lancaster Lease Group and BlueHawk Project are now connected to gas sales infrastructure, with further development wells planned on both leases.

Since listing, AusTex has increased its lease interests from 1,000 acres to 69,000 acres.

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