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MENAFN - ProactiveInvestors - Australia - 10/02/2013

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(MENAFN - ProactiveInvestors - Australia) Bounty Oil and Gas (ASX:BUY) has intersected oil shows at its Utopia 13 development well that have similar characteristics to the Utopia 3 production well in Queensland.

The well proved about 2-3 metres of net reservoir out of 4 metres of gross reservoir above the oil water contact in the the Murta zone oil reservoir.

Bounty had elected to go non consent in the Utopia 13 well but retains buy back in rights under the joint operating agreement.

The next development well Utopia 14 will be the next well in the program likely to spud later this month.

Bounty will participate at its 40% interest in the next two development wells.

Oil Wells Inc. of Kentucky is the operator of the operator of the project.

 






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