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Market: ASX
Sector: Oil & Gas Exploration & 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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Monday, December 14, 2009

AusTex Oil intersects oil and gas at Mayo Moore #5

AusTex Oil Limited (ASX:AOK) has enjoyed further success, with Mayo Moore #5 in Oklahoma displacing oil and gas to the surface during drilling.

During the program, the company reported today that drilling reached total depth at 2,495 feet.

During the morning trade, shares in AusTex increased 2.7% to 19c.

Open-hole logs indicate multiple oil and gas zones. Casing has been set and the well will be completed for production in the coming weeks. The drilling rig has moved onto the site of the Baggett #2-33, which is a step out well to the south of the recently successful Baggett #1-33.

Drilling is expected to commence today.

AusTex holds a 100% working interest and a 81.25% net revenue interest in this project. The company is focused on reworking and development of oil and gas leases in the USA and 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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