Austin
Developments Corp. TSX-V: AUL is a diverse exploration
company engaged in the acquisition, exploration and development
of oil and gas properties. As part of the companies exploration
activities, through its wholly owned subsidiary Universal
Wing, the Company is also involved in the development and
acquisition of geophysical data for the oil & gas and
resource exploration industry, using unmanned airborne
vehicle (“UAV”) technology.
Austin projects include oil and gas properties in Alberta,
Canada, Texas and Tennessee, USA. The Morgan Highpoint Project which is underway in Tenneesee, in addition to its latest
project in Gabon, Africa....
Gabon Oil and Gas Project
On October 11, 2006, Austin announced the acquisition of
an indirect 13% interest after payout in a production sharing
agreement granted by the Gabon Ministere des Mines, de
l'Energue, de l'Ectricite et des Resources Hydrauliques
in respect of approximately 2,200 square kilometres of
oil and gas concessions located in the Gabon Estuary referred
to as the Nkani G4-222 Property. Gabon has more than 30
years of history in international investment and production
sharing agreements, from many of the well-known multi-national
and independent petroleum exploration/production firms.
Gabon is currently the fourth largest petroleum producer
in Sub-Saharan Africa (after Nigeria, Angola and Equatorial
Guinea), with approximate daily production of 300,000 bbl/day,
equal to approximately US $18.5 million per day at current
market prices (Source: EIA Country Analysis, www.gasandoil.com).
The Production Sharing Agreement provides for a five-year
exploration period plus an additional 4 year exploration
period. Financing completed for $46.4 Million by Petrol One Corp. 04/21/08.
TENNESSEE PROJECT
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AUSTIN FACT SHEET |
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