TSX Venture: AUL
VANCOUVER, Oct. 5 /CNW/ - Austin Developments Corp. (the "Company" or "Austin" TSX-V: AUL) is pleased to announce that it has been informed by the operator that the first well in the Morgan Highpoint project, the John Bowen No. 2 Well (the "Test Well") in Morgan County Tennessee is currently drilled to a depth of 6,200 feet.
The cost to drill, test and case the Test Well was originally anticipated to be USD $3 million. To date a total of USD $4.0 million has been spent drilling the well. A Supplementary Authorization For Expenditure ("AFE") of USD $1.7 million has been issued to the partners based on their earned interests in the Test Well with Austin funding 40%, Montello funding 55%, and Great Northern funding 5% of the supplemental AFE. All partners have paid their proportionate share of the cash call associated with the Supplementary AFE. The Test Well is targeted to be drilled to the basement which is anticipated to occur at between 7,000 to 9,500 feet.
On behalf of the Board of Directors Austin Developments Corp. Per: "Patrick Power" --------------- Patrick Power President and Director
Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. There can be no assurances that future developments affecting Austin will be those anticipated by management.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.