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Second Horizontal Well with Range Resources Spudded

Source: www.gulfoilandgas.com 11/2/2012, Location: North America

United States focused oil & gas produer AusTex Oil Limited is pleased to update shareholders on its continued well development program at the company’s 100% owned 5,500 acre Snake River Project in Kay County, Oklahoma.

Hod #19-1N Well
The company has had confirmation from Range Production Company, a subsidiary of Range Resources Corporation , that the Hod #19-1N horizontal well has spudded and the rig is drilling ahead. AusTex holds a 8.416776% Working Interest and 6.7334% Net Revenue Interest in the Hod #19-1N well.

The well is targeting the Mississippi Lime interval with an expected Total Measured Depth of 9,600 feet, including an expected 4,000 foot lateral. Drilling operations are expected to take about 45 days.

AusTex is participating in three horizontal wells with Range following the success of the Balder #1 which is still producing at ~480 boepd. The Hod #19-1N well is the first of up to three wells to be drilled in Section 19 on the western side of the Snake River Project. Additional horizontal well participation opportunities are being pursued. AusTex Executive Chairman Richard Adrey commented: “We are pleased to be participating in this well with Range, and we have a well formulated strategy to participate in a number of horizontal wells with them. Up to three wells are planned for this pooled property dependent upon results, and we are jointly assessing additional opportunities following this program.

“The Working Interest and Net Revenue Interest of each non-operated well will vary according to the percentage of AusTex’s acreage that is applied to each horizontal well.”

Mr. Adrey said AusTex’s vertical well development program is progressing well and contributing to meaningful production growth. AusTex now has 7 vertical wells in production testing or production, 4 in the completion phase, and three awaiting their hydraulic fracturing process. Two additional wells will be drilled in late November or early December to accommodate holidays and weather.

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