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AusTex Oil continues to achieve robust production growth

Last updated: 19:50 16 Jan 2013 EST, First published: 18:50 16 Jan 2013 EST

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AusTex Oil (ASX: AOK) has recorded a 60% increase in production to 42,892 barrels of oil equivalent (boe) in the December 2012 quarter, compared to the previous quarter, from its operations in Oklahoma.

Importantly, peak production in December reached 740boe per day with an average of 542 boe per day, well above the average of 466boe per day for the quarter.

AusTex noted that production would have been even higher for December if not for the impact of unseasonably poor weather on its operations, which resulted in the loss of four days of production.

The increase continues the production growth that AusTex has recorded each quarter.

This is due primarily to consistent production being achieved from the 4 deepening recompletions and 6 newly drilled vertical wells currently producing at the company’s 5,500 acre Snake River Project.

Further increases are likely with new wells such as the recently drilled Read 20-8 well set to enter production soon.

AusTex will drill two additional wells from early February and will also carry out development work in January to ensure additional vertical wells enter production as soon as possible.

 

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