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Austin Exploration Limited (AKK)
is a publicly listed company on the Australian Securities Exchange (ASX).


{{businessSummary}}

General Overview

About Austin Exploration Limited

Sunlit Pines on the Horizon before Scenic MountainsAustin Exploration engages in the acquisition, exploration, development and production of onshore oil in the United States and Australia. The company was founded in 2006 and is based in Melbourne, Australia, with operations in Lakewood, Colorado.

Austin Exploration is an oil and gas company with a world-class board, management and technical team. The company has assembled an impressive portfolio of oil and gas assets in the United States. By strategically shifting its core focus in 2010 towards North American oil and Gas exploration and production, Austin has established a major presence in two of America’s most prolific oil and gas basins. Austin controls more than 11,000 acres in Colorado with both the Niobrara and Pierre Shale,  has an interest in 5,000 acres in Texas in the Eagle Ford Shale and the Austin Chalk, and a 4,000 acre oil and gas property in Kentucky. Austin has producing oil and gas wells in Colorado, Texas, Mississippi and Kentucky. The company’s wholly-owned US Subsidiary, AusCo Petroleum Inc. is headquartered in Denver, Colorado with business units in Colorado, Kentucky and Texas. Austin is listed on the Australian Securities Exchange (ASX code: AKK) and on the OTC in New York (AUNXY).

Mission Statement

Austin Exploration's mission is to build shareholder value by creating a profitable, efficient, environmentally sensitive, international energy company through real economic resource development.

It will strive to become industry known for its successes in exploration finds, expanded international growth and maintaining an edge in technology, while maintaining team excellence and adhering to its company values.

Corporate Values

Integrity – All leaders, employees and contractors possess and steadfastly adhere to the high moral principles and professional standards set forth by Austin Exploration.

Honesty – Austin Exploration and its employees will conduct its business honestly and honorably with the company and its shareholders best interest in mind.

Ethical – All leaders, employees and contractors will be held to the highest ethical standards set forth by Austin Exploration.

Respectful – Austin Exploration and its employees will always be respectful of its shareholders, colleagues and the communities in which it works.

Team – All Austin Exploration employees will work collectively and in good faith to carry out the company's vision and objectives.

Safety and Environmental Advocacy – Austin Exploration will establish and maintain a safe working environment for its employees and the communities in which it works.

Shareholder Value – Increasing shareholder value for the company’s shareholders is the core focus for the company and the company will give back (financially and through volunteerism) to the communities where it operates.

Entrepreneurial Spirit – All Austin Exploration employees will maintain an entrepreneurial spirit to forward the company's shareholder value.

Continuous Improvement – Austin Exploration and its employees will continuously strive to improve upon all facets of the company and its performance.

Leadership – Austin Exploration will attract the best and brightest talent with the ability to guide and direct employees to build the best possible product and will influence key stakeholders to understand and support the company's goals and objectives.

Communication – Austin Exploration will be honest, honorable, and transparent in how it exchanges information with its workforce, communities and stakeholders. It will listen to complaints and deal with them in an urgent and timely basis.

Quality – All leaders, employees and contractors are committed to excellence in delivering the highest standard of work.


Projects

Colorado Pathfinder

pathfinderAustin Exploration is the first company ever to successfully drill through the highly fractured and problematic Pierre formation and drill a horizontal well into the Niobrara formation in the Florence Field.

  • Located in Florence, Colorado
  • AKK controls 85% of a 11,560 acre property
  • Primary Objective is the Niobrara Shale in the Denver-Julesburg (DJ) Basin and the Pierre shale
  • Secondary Objectives: Fort Hays, Greenhorn, Codell A & B
  • Independent reserve estimates of approximately 200,000 – 500,000 BO per horizontal well
  • Spacing allows for a minimum of 100 horizontal wells
  • Fairly contiguous acreage with a flat terrain
  • The Pathfinder C11-12 Hz No. 1 well successfully fracced with 16 frac stages over a 4100ft horizontal leg
  • Pathfinder No.1 Hz: flowing oil and gas naturally to the surface. On 13 March, over a 24 hour period, the well produced a total of 403 BOEPD (211 BO & 1,150,000 SCF of gas; gas-oil ratio (GOR) of 5476 scf/stb)
  • Pathfinder Hz well now in next phase of production testing with well on pump – expected to achieve consistent and steady production
  • Gas compression unit being evaluated as a short term solution to sell gas
  • Long-term, maximum profitability of the Pathfinder project will be achieved by laying gas lines and connecting in to the nearest major pipeline (approx 5 – 7.5 miles away)
  • Juan Carlos Carratu– VP and General Manager for Colorado

Texas Birch Eagle Ford

Texas-Birch
  • Located in Burleson County, Texas
  • Primary targets: Eagle Ford Shale & Austin Chalk
  • Secondary targets: Taylor Sands, Buda & Georgetown formations
  • Austin completed a $53 mil farm-out program with in 2013
  • Halcon Resources – Austin free carried for three 10,000 ft. horizontals wells in 2014
  • PetroMax Operating – Austin free carried for one 10,000 ft. horizontals wells in 2014
  • Each well costs approximately $10 mil USD
  • AKK will hold a 30% working interest in approximately 5000 acres post the completion of the farm-out program
  • Initial production rate from vertical well flowed at 95 BOEPD
  • 160 acre spacing allows for a minimum of 64 horizontal wells to be drilled
  • Birch #1 drilled in 2011 confirmed thickness of 270 ft section of the Eagle Ford formation which IP rate of 95 BOEPD from a vertical well.
  • Birch #2 is an excellent candidate for a low risk horizontal well with multiple fracture stages
  • Birch #3 was successfully drilled to 13, 350ft horizontally into the Austin Chalk with an IP 800,000 SCF of gas and production levels reaching 120 BOD Oil
  • Independent reserve estimates of approximately 179,000 – 810,000 BO per horizontal well
  • Aaron Goss – VP and General Manager for Southern United States

Yolanda 1-H

Yolanda
  • Located in Dimmitt County, Texas
  • AusCo Petroleum Inc. holds 27.36% NRI
  • Primary targets: Austin Chalk
  • The well was completed and put on production on July 31, 2010. As of September 2013, the well has flowed approx. 33,000 barrels of crude oil
  • All oil being produced is being sold to the local refinery
  • The highest daily production rate to date was 256.7 BOPD
  • Aaron Goss – VP and General Manager for Southern United States

Armstrong

Ellislie Plantation #1 Oil Well
  • ArmstrongLocated in Adams County, Mississippi
  • AusCo Petroleum Inc. holds a 37.5% NRI with a working interest of 50%
  • Primary Hydrocarbon target: Wilcox Formation
  • Successfully drilled to target depth of 6585 ft. in May 2010
  • Total oil production as of September 2013 is 37,365 barrels of oil
  • All oil being produced is being sold to the local refinery
  • The highest daily production rate to date was 82 BOPD
  • Aaron Goss – VP and General Manager for Southern United States
Commencement Oil Well
  • Located in Adams County, Mississippi
  • AusCo Petroleum Inc. holds a 37.5% NRI with a working interest of 50%
  • Primary Hydrocarbon target: Wilcox Formation
  • Successfully drilled to target depth of 6550 ft. in March 2011
  • Total oil production as of September 2013 is 49,773 barrels of oil
  • All oil being produced is being sold to the local refinery
  • The highest daily production rate to date was 140 BOPD
  • Aaron Goss – General Manager for Southern United States
Bourke No 4
  • Located in Adams County, Mississippi
  • AusCo Petroleum Inc. holds a 37.5% NRI with a working interest of 50%
  • Primary Hydrocarbon targets: Wilcox Formation
  • Successfully drilled to target depth of 6400 ft. in July 2012
  • Total oil production as of September 2013 is 14,778 barrels of oil
  • The highest daily production rate to date was 248 BOPD
  • Aaron Goss – General Manager for Southern United States
Bourke No 5
  • Located in Adams County, Mississippi
  • Proposed 6,500 ft. well in Parker & Campbell Sands formations

Kentucky Exploration LLC

Kentucky-Exploration-Inc1Austin Exploration/AusCo Petroleum Inc has established a significant local presence in Kentucky, bringing the most advanced engineering and drilling technologies, stimulation methods and engineering principles to the Kentucky oilfields.

Since drilling began in August of 2011, Kentucky Exploration, LLC, a wholly-owned subsidiary of Austin Exploration and Newtac, its joint venture partner, has experienced a stabilized production rate of approximately 20 -25 barrels of oil per day with an ultimate goal of 50 barrels per day.

  • AKK holds a NRI of 75-85% with a 50% working interest in a joint venture project that covers approximately 3,000 acres
  • Primary Hydrocarbon targets: Jackson Formation, Cyprus Formation
  • Secondary targets: Palestine, McCloskey, Fort Payne, New Albany Shale, Hardensburg
  • Management increased oil production in Kentucky from 0.7 BOD during 2011 to more than 25 BOPD in 2013
  • Kentucky exploration has produced approximately16,000 since going in to production in 2011
  • Leases located in Sebree, Poole, Park City and Magnolia Kentucky
  • The US National Petroleum Council estimates remaining resources in Kentucky of 5.42 billion barrels of oil and 126 trillion ft3 of gas
  • Tim Hart – VP and General Manager for Kentucky


Contact Info

Austin Exploration Limited

Level 9
575 Bourke Street
Melbourne, VIC
AU Australia, 3000

Phone: +61 3 9606 3888
Fax: +61 3 9606 3800
Website: http://www.austinexploration.com

Click here to view the interactive map
Austin Exploration Limited Google Map
Austin Exploration Limited Google Map

Share Registry

Computershare Investor Services Pty Limited - Click here to view share registry profile

Phone: +61 3 9415 5000
Fax: +61 3 9473 2500
Email: investor.relations@computershare.com.au
Website: http://www.computershare.com/

452 Johnston Street
Abbotsford, VIC
AU Australia, 3067


Important Information

The General Overview, Services, Products and Projects information for this profile was last edited on 05 Feb 2016.

All Financial Data is provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Share Prices nor any independent data provider is liable for any informational errors, omissions or other defects, incompleteness, or delays, or for any actions taken in reliance on Financial Data.

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