Strong Oil & Gas Flows Continue In Colorado

Source: 3/7/2013, Location: North America

Pathfinder Prospect, Fremont County, Colorado (85% of 11,500 acres)

Pathfinder C 11 – 12 No. 1 HZ Well:
Austin Exploration is pleased to advise that its Pathfinder C11-12 No.1 Hz well is flowing large volumes oil and gas naturally to the surface under high pressure. During a 12 hour test the well produced 341.7 BOE on a 1/64 choke under natural flow to the surface. The 341.7 barrels comprised a combination of 210.4 barrels of crude oil and total gas equivalent of 131.3 barrels (gas equivalent).The oil is a high quality light sweet crude with an API of 37 – 41. The GOR (Gas to oil ratio) is 3702 SCF/ STB (Standard Cubic Feet/ Standard barrels of oil).

As was announced to the ASX on the 21st of January, the volume of gas produced by the well is beyond the Company’s expectations. In order to analyse the well’s behavior and obtain a reliable initial production value, Austin Exploration’s engineering team has been adjusting the surface facilities to ensure consistent and sustainable production. By installing two separators, isolating casing and tubing flow, the well performed naturally for a 12 hour consistent period. In order to deliver fluids (oil) consistently, gas production has to be released freely in order for the oil to flow, as the gas holds back oil production. Allowing this gas to flare off is not financially prudent and is a waste of a source of income. Therefore, the Company immediately began preparations to compress and sell this gas to the local market. When this process is complete the Company will begin full time production on a 24 hour basis, and expects to receive revenue from the sales of both oil and gas to ensure maximum profitability.

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