TSX Venture Symbol: AUL
VANCOUVER, Aug. 20 /CNW/ - Austin Developments Corp. (the "Company")
(TSX.V-AUL) together with its joint venture partner, Pennant Energy Inc.
("Pennant") (TSX.V-PEN), together known as the "The Companies" announce that
production testing of its Kaybob S No. 1 is complete. After reviewing the
geophysical logs of the well, multiple zones were tested. Although hydrocarbon
was encountered, none of the zones tested proved to contain commercial
quantities. Kaybob S No. 1 well will be abandoned and pinpointing of the drill
for the Bronson Property, Northern Alberta has commenced.
The Bronson Property has an extensive 3D seismic program that was
completed last winter, an existing geochem survey completed in July 2006, and
a newly completed geochem survey. The newest geochem survey was completed in
July 2007 and was conducted to pinpoint potential drill locations on the
Bronson property. The Bronson property will be a 50/50 joint venture as the
Company will be fully earned in by paying all the costs of drilling the Kaybob
S No. 1 well with Pennant being the operator.
The Qualified Person for the Kaybob and the Bronson Projects, who holds
responsibility for the accuracy of the technical information contained in this
news release, is Jim Britton, P. Geol. P. Eng.
On behalf of the Board of Directors
Austin Developments Corp.
President and Director
This News Release may contain forward-looking statements based on
assumptions and judgments of management regarding future events or results
that may prove to be inaccurate as a result of exploration and other risk
factors beyond its control, and actual results may differ materially from the
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, Vancouver, British Columbia, V7X 1C4, Tel: (604) 689-1799,
Fax: (604) 689-8199