St. Gabriel #1 Poised to Produce up to 5 Million Barrels of Oil

Austin Exploration Limited announced that the operator Drillmar Oil & Gas is preparing to run logs to evaluate a newly drilled section of the onshore St. Gabriel #1 oil and gas exploration well in Louisiana, U.S.

Reaching total depth of 10,790 ft on Sunday night, Drillmar believed a drilling break at 10,640 ft would be sufficient to test the W sands, the main objective of the well. Drillmar has indicated that prior to the drilling break, background gas was consistently 400 units, but increased to between 800-1000 units post-drilling break.

The well will now be cased to total depth, the rig released and wireline logs run to evaluate the newly drilled portion of the well.

St. Gabriel #1 has a potential recoverable resource that ranges between 1.82 to 5 million barrels of oil, and between 13.6 to 36 billion cubic feet of gas.

The well had an original target depth of 10,800 ft.

Austin Exploration maintains a cumulative 20% working interest under a farm-out agreement with Drillmar.