AusTex Oil Limited (ASX:AOK) Mississippi Lime Acreage Increase in Kansas
By: ABN Newswire
Posted on April 05, 2012 at 13:38 PM EDT
AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is pleased to advise the following update on operations in Kansas. AusTex Oil and Castle Resources Inc., as operator, are working interest partners under a Joint Operating Agreement in oil and gas leases in Sheridan and Thomas Counties, Kansas.
Thomas County - Kansas
AOK 70% Working Interest 58.8% Net Revenue Interest
As previously announced on 6 January 2012, AOK acquired 70% working interest in 8,100 acres. The Company has now finalised leasing an additional 7,400 acres with a total of 15,500 acres now under new primary term leases. Historical drilling in the area has confirmed the presence of the Lansing-Kansas City, Mississippi Lime and Arbuckle Lime formations.
AOK now holds 22,500 net acres in the Miss Lime defined area of interest.
Over recent months, the area of interest identified in the Mississippi Lime play has been extended by other operators to include North West Kansas. Sandridge Energy (NYSE:SD) recently released a technical presentation on the Mississippi Lime Area of Interest which covers 14 million acres in Kansas and Oklahoma. This area of interest encompasses AOK's Snake River, Colby and Cooper Projects held by AOK. Leasing and exploration activity in Thomas and Sheridan Counties is at an all time high with lease pricing increasing monthly.
This additional Mississippi Lime acreage provides AOK share holders with significantly more value given the recent production success AOK has had in the Mississippi Lime formations in Northern Oklahoma.
The next 12 months will be a very busy and exciting time for all stake holders in AOK, and we look forward to reporting staged developments as drilling and completion work continues.
For the full announcement including charts, please visit:
About AusTex Oil Limited:
AusTex Oil Limited (ASX:AOK) is an Australia-based company. The Company is engaged in the development of oil and gas leases in the United States. It produces oil and gas from leases in Oklahoma and Kansas. It is also engaged in the exploration, development and production of hydrocarbons in the United States. Its wholly owned subsidiaries include International Energy Corporation (Oklahoma), International Energy Corporation (Kansas) and Well Enhancement Services LLC. During the year fiscal year ended March 31, 2009 (fiscal 2009), the Company was engaged in the drilling of three wells on the Lancaster Lease group, Tulsa County; two wells on the Sweet Unit, Pawnee County, and one well on the BlueHawk Project in Osage County.
AusTex Oil Limited T: +61-2-9238-2363 F: +61-2-8088-7280 WWW: www.austexoil.com
AusTex Oil Limited
Copyright (C) 2012 ABN Newswire. All rights reserved.
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