Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  AusTex Oil Limited    AOK   AU000000AOK3

AUSTEX OIL LIMITED

(AOK)
SummaryNewsCompany 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

AusTex Oil Limited : Record monthly production of 26,815 BOE for August

09/18/2013 | 11:28pm EST

ASX/Media Release

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

Contact

Daniel Lanskey Managing Director dan.lanskey@austexoil.com

Website www.austexoil.com https://twitter.com/AusTexAOK Directors Richard Adrey

(Executive Chairman)

Russell Krause

(Non-Executive Director)

Daniel Lanskey

(Managing Director)

Kay Philip

(Non-executive Director)

Luis Vierma

(Non-executive Director)

Company Secretary

Tom Bloomfield +61 2 9290 9617

About AusTex

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

https://twitter.com/AusTexAOK

P a g e | 2

distributed by

© Publicnow 2013
All news about AUSTEX OIL LIMITED
2018AUSTEX OIL : Change of registered office address
PU
2018AUSTEX OIL : Change of Director's Interest Notice - Richard Adrey
PU
2018AUSTEX OIL : Update on company activities
PU
2017AUSTEX OIL : Change in substantial holding from IFL
PU
2017AUSTEX OIL : Full Year Reserves Report
PU
2017AUSTEX OIL : Acquires New Disposal Well and Acreage
PU
2016AUSTEX OIL : Half Year Reserve Report
PU
2016AUSTEX OIL : Appendix 4D - Half Yearly Report
PU
2016AUSTEX OIL : Presentation to Shareholders
PU
2016AUSTEX OIL : Annual Report to shareholders
PU
More news
Managers and Directors
NameTitle
Richard A. Adrey Managing Director & Executive Director
Andrew William Bursill Chief Financial Officer & Secretary
Nicholas J. Stone Non-Executive Director
Mark John Paton Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
AUSTEX OIL LIMITED0.00%0
CONOCOPHILLIPS12.83%60 999
CNOOC LIMITED17.41%47 508
EOG RESOURCES, INC.18.69%34 530
CANADIAN NATURAL RESOURCES LIMITED2.52%29 024
ECOPETROL S.A.9.13%28 845