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AusTex Oil's Virginia #1 well spuds, main target is major producer of oil in Kansas

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Oil producer AusTex Oil Ltd (ASX: AOK) has reported today that drilling has commenced at the Virginia #1 Well, Sheridan County in Kansas.  AOK holds a 50% working interest and a 43% net revenue interest in this project.  Operator is Castle Resources Inc. (Kansas).

The well was spudded overnight and has a projected total depth of 4350 feet. Primary target is the prospective Lansing‐Kansas City Formation, which produces much of the oil found in northwest Kansas, along with other known formations at depths of between 2,600 feet and 4,200 feet.

The Virginia #1 Well is located on the Archer #2 Prospect, one of 42 prospects identified by 3D seismic on the 26,500 acre Cooper Project, located near Hoxie, Kansas. If shown to be oil bearing, the Archer #2 Prospect has the potential of seven well locations assuming the regulatory 40 acre spacing.

Sheridan County is located in the north west of Kansas, west of the Kansas Central Uplift. The county is home to numerous small oil fields including the 2,880 acre Adell Field, which was discovered in 1944 and has produced 9 million barrels of oil to date from the Lansing Kansas City Formation. Pay zones in the Lansing‐

Kansas City Group are finely crystalline, fossiliferous, oolitic limestones ranging from 5 feet to 20 feet thick each over a 300 foot interval.

AusTex Oil was listed on the ASX on 8 January 2008 raising $20 million. AusTex is focused on reworking and development of oil and gas leases in the USA. The company produces oil and gas from leases in Oklahoma and Kansas. Since listing, AusTex has increased its lease interests from 1,000 acres to 32,000 acres.

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