AusTex Oil Limited (ASX:AOK) Reports 30 Day Rates for Balder 1-30N
Sydney, June 20, 2012 (ABN Newswire) - United States focused oil & gas producer and explorer AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is pleased to announce an update on the 30 day production rates for the Balder #1-30N Horizontal Well at the Snake River Project, Kay County, Northern Oklhoma. The well continues to exceed expectations and the typical type curve for Mississippian Horizontal wells in the region.
During the first 30 days on pump the operator, Range Production Company LLC, a subsidiary of Range Resources Corporation (NYSE:RRC) reported that the well produced 18,210 barrels of oil and 50,825 mcf of gas. The average production for the period was 889 boe/day whilst maintaining a 70%/30% oil to gas ratio, with additional Natural Gas Liquids. Oil produced from the Mississippian is a light sweet crude of a 45 degree API gravity.
Executive Chairman of AOK, Richard Adrey commented, "We are excited about the ongoing development results here in Kay County. Clearly this result confirms that we are located in an exceptional part of the Mississippi Lime play east of the Nemaha Ridge which is delivering a high oil cut in both the horizontal and vertical wells. Whilst it is early days in our development cycle, the economics of this project are continuing to exceed our modelling.
We will continue to drill our vertical well program and have started to delineate a number of further horizontal locations within our acreage for future drilling".
Contact: AusTex Oil Limited T: +61-2-9238-2363 F: +61-2-8088-7280 WWW: www.austexoil.com