Austin Exploration finalist for E&P Company of the Year

Austin Exploration is proud to announce that it was nominated as a finalist for Themark Exploration and Production (E&P) Company of the Year, in both the Gulf Coast and Rocky Mountain regions, at the annual 2015 North American Oil and Gas Awards.

Runner up in the Gulf Coast region

In the Gulf Coast region, which covers Texas, Louisiana, Mississippi, Alabama, and Florida, Austin was runner up behind EOG Resources, a US$50 billion E&P company. This was the first time Austin had been nominated for this region, with Austin recognised for its successful early exploration work in the Eagle Ford Shale in East Texas. Austin was one of the first companies to prove up a new productive region in the oil window of the Eagle Ford in Burleson County.

Semi-finalist in the Rocky Mountains

In the Rocky Mountains region, which covers Montana, Idaho, Wyoming, Colorado, Utah, and New Mexico, Austin was a semi-finalist with Anadarko Petroleum (US$42 billion market cap), EOG Resources ($50 billion market cap) and Enerplus Corporation (US$2 billion market cap). EOG Resources was awarded the winner for the 2015 Rocky Mountains E&P Company of the Year. Austin was recognised for its successful exploration work uncovering a new productive Niobrara region in the DJ Basin.

Austin controls 100% of 11 560 acres of its Pathfinder project in Florence, Colorado. Austin’s field lies directly adjacent to the famous Florence Oil Field that has produced approximately 16 million barrels of oil from the Pierre shale formation. Austin successfully proved the presence of oil and gas through its early exploration work and is about to embark on a multi-well Pierre drilling programme that is scheduled to commence in April. The company believes its oil reserves remain in virgin territory and is confident of further success.

Judges’ comments: zero loss time accident record

Pleasing to note were the judges’ comments when Austin Exploration was named as a finalist: “This is a certain future winner. Their mission statement and corporate values hit all the components of an award winner. Impressed with the huge success made in uncovering an enormous potential in the Niobrara in the Canyon City Embayment and the ‘0’ loss time accident record”.

Austin’s CEO & Managing Director, Dr. Mark Hart, said he was very proud of his team. “To be recognised alongside some of the world’s biggest oil companies is an amazing achievement for Austin Exploration. We congratulate all of the finalists and in particular, the winner of the 2015 E&P Company of the Year, EOG Resources”.

Austin COO and Executive Director, Guy Goudy, said “It’s an honour to be recognised by our industry peers for the work we have done in Colorado and Texas. We have a highly talented and focused team who are working diligently to continue to drive the company forward during these times of low oil prices”.

Adapted from press release by Cecilia Rehn

Published on 30/03/2015

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