The Harlin Tarter #1 represents the fourth well of the previously announced four-well completion program. The well was tested on pump on August 29, 2009. The well has now completed its first 24 hour on-pump test at a rate exceeding 29 barrels per day. Prior to the testing procedure 22 additional barrels of oil were removed from the well-bore, added to cumulative storage and sold to the local refinery on August 26, 2009.
Low cost, long life drilling – Austin Exploration is very encouraged by the initial results of the first four completed wells utilizing the Short Radius Stimulation (SRS) procedure. Based on current economic analysis, the company can now complete a well at costs that are low enough to return initial investment capital in less than 4 months. The long life potential of these corniferous wells also makes them economically attractive.
Phase two drilling program being prepared – With the success of these first four test wells the company can now move forward with plans to increase the rate of drilling and completions.
The company geologist, KOS Energy and other technical resources available to Austin will use the month of September 2009 to develop and finalize the 12 month plan for this area of Kentucky.
