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.
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.
For further information:
For further information: Austin Developments Corp., Suite 2833 - 595
Burrard Street, Bentall Three, P.O. Box 49057, Vancouver, British Columbia,
V7X 1C4, Tel: (604) 689-1799, Fax: (604) 689-8199