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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, January 27, 2010

AusTex Oil adds to revenues from Clark #1 oil discovery well in Kansas

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Production has commenced at 250 barrels of oil per day at the Clark #1 Well in Kansas, AusTex Oil (ASX: AOK) reported today. 

AOK’s Kansas operator, Castle Resources Inc., reports that following the testing of the Lansing-Kansas City Formation at the rate of 230 barrels of oil per day (bopd) and 70 barrels of water per day, a retrievable bridge plug was set above the formation until such time as our permit for a disposal well is approved.

AusTex’s net production has now passed 200 bopd and 400 thousand cubic feet of gas per day. Production from the Baggett #1 and #2 wells in Oklahoma will add to this figure. AOK holds a 53% working interest and a 43% net revenue interest in this 26,500 acre project.

Managing director of AOK, Daniel Lanskey said the Clark #1 well discovery was an exciting result and a great start to the New Year. The USA is experiencing the worst winter in many years, and it is a real credit to our operator and his team to have completed the well in just over a month since it was spudded."

This well was drilled as a result of re-calibration of the seismic data acquired last year. Our consulting geophysicist mapped a structure with a four-way closure at this location covering over 600 acres.

A second pay zone in the Toronto Formation was perforated at 3,826 feet and tested with even better results than the Lansing-Kansas City Formation. Construction of a tank battery and flow lines have been completed. The well is now on pump and producing 250 bopd with no discernable water from the Toronto Formation.

The Walker #2, an old well to the south, has a permit pending for water disposal and drilling permits have been issued for the next three production wells in the development of this field on its large acreage position in the area. Once disposal capacityis completed, AOK plans to produce from the Clark #1 Well and possibly future wells from both formations simultaneously.

The AOK share price and valuation has increased significantly since September 2009 as additional discoveries and oil and gas production are brought on line.

 

 

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