Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

AusTex Updates Snake River Development Program

change text size

Australia-based, U.S.-focused AusTex Oil Limited on Friday updated shareholders on its continued well development program at the company’s Snake River Project in Kay County, Oklahoma.

AusTex is delighted to report the Balder #1-30N well (AOK 13.76% WI), in which the company is participating with Range Resources Corporation, has achieved a return on investment for AusTex of 67.24 percent (including drilling and operating expenses) based on the first 90 days of production revenue.

Following the success of Balder #1-30N, AusTex is also pleased to report that the Hod #1-19H Horizontal Well is expected to spud this month. As announced on September 12, AOK will hold an 8.33 percent Working Interest in this well following an agreement with Range Resources to participate in additional Horizontal Well development in Section 19, Township 25N Range 1 West.

Executive Chairman Richard Adrey commented: “The results from Balder #1-30N are beyond our initial expectations and indicate that the well is a valuable asset for AusTex as we continue to build our production profile. Range Resources has reported that the Balder #1-30N is one of their best ever performing horizontal wells, which bodes well for the future.

“The success of the Balder #1-30N well demonstrates that Snake River holds considerable unlocked potential, and we are continuing to pursue additional horizontal well participation opportunities.

“We will continue to keep shareholders updated as our vertical and horizontal well development program progresses.”

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Most Popular Articles
From the Career Center
Jobs that may interest you
Sr. Reliability/Risk Engineer ( Upstream Oil & Gas)
Expertise: Drilling Consultant, Regulatory Compliance, Reliability Engineer
Location: Houston, TX
 
Drilling Supervisor - NIGHT
Expertise: Drilling Superintendent
Location: Houston, TX
 
Equipment Technician
Expertise: Barge Engineer
Location: Galveston, TX
 
search for more jobs