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Pathfinder Niobrara Project Update

Source: www.gulfoilandgas.com 9/28/2012, Location: North America

The Board of Austin Exploration Limited (AKK) - on behalf its wholly owned US subsidiary AusCo Petroleum Inc is pleased to advise on the following operational update:

Pathfinder Prospect, Fremont County, Colorado (85% of 11,500 acres) Pathfinder C 11 – 12 No. 1 Well:
The Company has successfully drilled a 4100ft horizontal leg to a total measured depth (MD) of 9870 ft at its Pathfinder project in Colorado. The 4100 foot (approx 1,250 metre) leg of this well was drilled successfully with no operational issues experienced during drilling. The drilling of the horizontal leg of the well was successful while staying in the zone of interest that the Company determined to have the best formation characteristics and pay potential within the Niobrara Formation. Hydrocarbon shows were encountered throughout the drilling of the horizontal leg. The Company will now immediately move forward with preparations to complete and frac the well. A multistage hydraulic fracturing stimulation treatment is expected by the end of October. Logging data, cutting analysis, and pressure tests will be used to design the hydraulic fracturing treatment. Oil flow results expected in time for the Company’s AGM in November.

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