AusTex Oil Limited (ASX:AOK) says today that following on from the recent production success in Northern Oklahoma, AusTex Oil Limited is pleased to announce that management has completed a review of the oil and gas leases operated by the Company in this area only. Austex holds a 100% Working Interest and 80% Net Revenue Interest in the 6,000 acre Snake River Project in Kay and Noble Counties, Oklahoma.
The probabilistic unaudited estimates have been prepared by Dr Peter Power, a Geologist and Non-Executive Chairman of Austex Oil Limited in accordance with generally accepted engineering and evaluation principles set forth by the Society of Petroleum Engineers (SPE) PRMS guidelines. It is the Company's conservative view that the P90, P50, P10 reserves estimates correspond to proved, proved plus probable and proved plus probable plus possible reserves respectively under the ASX Listing Rules. Dr Power, who has over 40 years industry experience has consented to the inclusion of the technical information in this announcement.
AusTex Oil Limited has commissioned Lee Keeling and Associates of Tulsa, Oklahoma to complete an Independent Reserve Report on all US oil and gas interests held by Austex Oil. Additional estimates by project area will be released in early 2012.
For the complete announcement including tables, please view: