ASX/Media Release

9 January 2012

AusTex Oil Limited

A.C.N. 118 585 649

ASX: AOK OTCQX: ATXDY

Level 56, MLC Centre

19-29 Martin Place

Sydney NSW 2000

Telephone +61 2 9238 2363

Fax +61 2 8088 7280

Contact

Daniel Lanskey Managing Director dan.lanskey@austexoil.com

Website

www.austexoil.com

Directors

Dr Peter Power (Chairman)

Kwang Hou Hung (Deputy Chairman) Luis Vierma (Non-executive Director) Daniel Lanskey (Managing Director) Richard Adrey (Executive Director) Kay Philip (Non-executive Director)

Company Secretary

Justin Clyne

Tel. +61 2 9238 2363

About AusTex

AusTex Oil Ltd (ASX: AOK) is an Exploration

and Production company that is focused on the development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas. AOK holds interests in

~70,000 acres of oil and gas leases, including

acreage in the exciting Mississippi Lime play in

Northern Oklahoma and Kansas.

AusTex Oil reports production testing on 2nd Mississippi Lime well in Northern Oklahoma ETU #14-5 Well 14 day IP averages 85 boe/d Snake River Project - 6,000 acres Northern Oklahoma AOK 100% WI ~80% NRI ETU #15-4 - Initial Production Update

AusTex Oil Limited is pleased to announce the the following update on production testing on the ETU #14-5 well located on the East Tonkawa Unit in Kay County Oklahoma. The well has now been tested over a 14 day period with an electric submersible pump. During the test period the well produced an average of average of 85 boe/d with 70 bopd and 90 mcf of gas per day.
A further update will be advised after 30 day testing period has been completed.

Additional Wells planned for 2012

The ETU #14-5 and #15-4 are part of a planned 10 vertical well program to develop the Mississippi Lime formation. The data from the initial vertical well program will be used to finalise locations for horizontal development planned during calendar
2012.
For Further Information - Please contact

Daniel Lanskey, Managing Director, Australia +61 2 9238 2363

Level 56, MLC Centre, 19 Martin Place, Sydney NSW 2000

Tel. 02 9238 2363 Fax 02 8808 7280

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2nd Miss Lime Well Initial 14 Day Production ave 85 BOE/D