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Austin Puts Pathfinder Gas Processing Plant Ahead of Schedule

Source: www.gulfoilandgas.com 5/27/2014, Location: North America

Austin Exploration announced that the installation of the first gas processing plant at its Pathfinder project in Colorado, USA, is ahead of schedule with the processing facilities now in transit to the Company’s property.

As was announced to the ASX on March 19, 2014, the Company executed a gas processing agreement with Gas Processing of America, Inc. (GPA) to process and sell the heavy liquid gases (propane, hexane, ethane, and butane) allowing the methane to be sold as pipeline quality gas and optimizing development of the Company’s oil and gas project in Fremont County, Colorado. GPA will provide the capital to install the processing plant, compression plant and the associated infrastructure, act as owner/operator, gather and transport the gas, maintain the plant, and market and sell the gas.

Austin Exploration Chief Executive Officer and Managing Director, Dr. Mark Hart said: “Implementation of the agreement with GPA and installation of the equipment is critical to the ongoing success of the Company. This critical step unlocks a tremendous amount of value of the Pathfinder project.”

Chief Operating Officer Guy Goudy stated: “The Company’s reserve and resource report indicates the Pathfinder’s 11,560 acres potentially holds 24.520 BCF of gas. This first phase allows for the immediate sale of all heavy gases and processes the gas into pipeline quality gas that can now be moved into the Colorado Interstate Gas (CIG) pipeline. The installation of the processing equipment gives us direct access to these high value resources and the revenue flow from sales.”

Discussions are progressing to install the main north-south gas pipeline to connect the Pathfinder field to the main CIG pipeline. This will allow for maximum profitability for the field with more than 200 potential drilling locations.



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