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Austin Strikes oil on Sixth Consecutive Eagle Well

Source: www.gulfoilandgas.com 1/12/2015, Location: North America

Austin Exploration advised that its Seaducer #1H well at Burleson County, Texas has been drilled to a total depth of 16,022 feet, with a 6,934 foot lateral leg, and has recorded an initial daily production rate of 960 BOE per day with approximately 90% liquids content.

The Seaducer #1H well is the sixth production well at Austin’s Birch Eagle Ford project, and is being operated through the inclusion of the Company’s acreage in its farm-out program in Texas. Austin’s Chief Executive Officer, Dr Mark Hart, said “Six from six really is an excellent outcome for the Company and its shareholders. The Eagle Ford Shale has the lowest production costs of any non-conventional oil basin in the United States and remains economic in this current low oil price environment.

“At $90 per bbl the Company had been preparing to significantly ramp-up drilling operations in 2014/2015. In response to the drop in the oil price the Company has halted any major expenditures. We have stripped out more than a million dollars in overheads including significant company wide salary reductions. Fortunately the Company has no debt, and with the austerity measures the Company has put in place, the Company is now positioning itself to survive this downturn in oil prices”, Dr Hart said.

Austin’s COO, Guy Goudy, said, “I am pleased to see another success at our Burleson County project. The Burleson County oil and gas production is a vital source of cash-flow for the Company and will continue to assist in covering the Company’s overhead expenses during this volatile period for the oil and gas industry.

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