19 September 2013
AusTex Oil Limited
A.C.N. 118 585 649
ASX: AOK OTCQX: ATXDY TSX-V: ATO
Level 7, 207 Kent Street, Sydney NSW 2000
Telephone +61 2 9238 2363
Fax +61 2 8088 7280
Daniel Lanskey Managing Director firstname.lastname@example.org
Website www.austexoil.com https://twitter.com/AusTexAOK
Tom Bloomfield +61 2 9290 9617
AusTex Oil Ltd (ASX: AOK) is an
Exploration and Production company that is focused on the development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas. AOK holds interests in ~26,000 net acres of oil and gas leases, including acreage in the highly prospective Mississippi Lime play in Northern Oklahoma and Kansas.
AusTex reports record monthly production of
26,815 BOE for August
August production equates to an average 865 boe/day
17% increase on prior month's production with same number of wells
Peak rate of +1,000 boe/day achieved on 3 occasions during August
Well placed for +1,000 boe/day production by end calendar 2013
Currently 6 additional vertical wells awaiting tie-in
Assessing multiple funding options to fast-track production
Snake River project largely undeveloped - +200 potential wells identified
On track to deliver record quarterly revenue
AusTex Oil Limited (ASX:AOK, TSX-V: ATO, OTCQX:ATXDY), is pleased to report net oil and gas production for August of 26,815 Barrels of Oil Equivalent (BOE). This translates to average production per day of 865 boe. A peak rate of +1,000 boe/day was also achieved for three days during August.
August production sets a new record for AusTex and represents a 17% increase in production on the prior month. As a result, the company is on track to deliver record quarterly revenue.
Production growth was driven by the improved performance of the 20 producing vertical wells at the 100%-owned Snake River project. With an additional six wells awaiting tie-in, which equates to a third of the wells currently on pump at Snake River, production is set to ramp up further.
AusTex is now undertaking additional infrastructure development works at Snake River with the installation of a third production hub to facilitate production growth.
The company is also pleased to report that negotiations around funding arrangements are progressing well with several interested parties. With more than 200 potential vertical wells to drill at Snake River, funding will ensure AusTex can accelerate production.
AusTex Executive Chairman Mr. Richard Adrey commented: "AusTex is well on track to meet its stated short-term goal of 1,000 boe/day production by the end of the calendar year.
"Given this month's production growth, revenue for the quarter will be a record. We are continuing our program of drilling two vertical wells a month at Snake River.
"Our operations team is working hard to further increase production by building new infrastructure. Our third production hub is the first step in this process, and it will allow us to tie-in an additional 6 wells in the coming weeks.
"AusTex is finalising its funding arrangements and continuing to deliver solid production growth from the Oklahoma assets. AusTex is primed for growth."
For further information please contact:
Daniel Lanskey, Richard Adrey Managing Director Executive Chairman Australia +61 408 885018 USA +1 918-743-7300
Released through Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448
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