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Additional Information
Market: ASX
Sector: Oil and Gas Exploration and Production
Epic: .AOK
News: Latest news
Web Site: AusTex Oil
Other Articles: 09-03-201019-02-201017-02-2010

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AusTex Oil

AusTex Oil

AusTex Oil Limited is an ASX listed company focused on reworking and development of oil and gas leases in the USA.  The Company produces oil from leases in Oklahoma and Kansas and has an active drilling program running in both states. Since listing in March 2008, AOK has participated in drilling eleven new wells, of which nine are being completed as producers, and has increased its oil and gas lease interests from 1000 acres to ~32,000 acres.  A schedule of Oil and Gas interests can be found on the Oil and Gas Projects page.

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Wednesday, November 18, 2009

AusTex Oil strikes more oil and gas in Oklahoma

by Proactive Investors company news image

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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