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MENAFN - ProactiveInvestors - Australia - 05/11/2012

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(MENAFN - ProactiveInvestors - Australia) Antares Energy (ASX: AZZ) has increased its acreage in the Big Star project area in Texas after acquiring Big Star Oil & Gas Company's interests there.

The company now holds 18,786 gross acres (15,215 net acres) in the Lower Mississippian Lime Horizontal Fairway where horizontal wells drilled by SM Energy Company (NYSE:SM) have reported initial production rates of between 571 barrels and 656 barrels of oil equivalent.

These wells cost about US6.5 million to drill and complete with SM, which has a 68,000 acre position in Lynn, Garza and Borden Counties northeast of the Big Star project, planning to run 2 drilling rigs in the play fairway through the end of the year.

Antares believes the Big Star project is also suitable for horizontal development in the Lower Mississippian due to the contiguous footprint, existing 3D seismic over 80% of the leases, the presence of the commercial, conventional Lower Mississippian Deroen Field directly offsetting the position, and demonstrated reservoir potential from wireline logs and isolated fracs.

The Deroen Field has produced more than 2.4 million barrels of oil from Lower Mississippian porous and fractured, cherty limestone, that is the expected reservoir character in the Big Star project area.

The reservoir was subsequently enhanced by uplift and erosion in Upper Mississippian time. This is evidenced by "paleothins" which are a result of this uplift.

The best fracture stimulation breakdowns and flowback results are coincident with these features in the vertical "Missberry" stimulations to date.

Wireline resistivity and porosity character in the Big Star wells have been tied back to the heart of the SM Energy horizontal activity and the two areas appear identical in regards to neutron/density porosity crossover indicative of gas and porosity development in the Lower Mississippian.

 






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