Southern Cross Exploration N.l., Sydney, NSW

Business Overview AusTex Oil Ltd is a Public Company listed on the Australian Securities Exchange (ASX:AOK), Toronto Venture Exchange (TSXV:ATO) and the OTCQX (ATXDY). US operations are based in Tulsa, Oklahoma, with an office at 1801 East 71st Street. International Energy Corporation (Oklahoma) is a wholly owned subsidiary and a licensed oil and gas operator in Oklahoma and Kansas. AusTex holds approximately 8, 400 acres (100% WI 81/% NRI) of the Snake River Project in Kay County, Oklahoma in the Mississippi Lime adjacent to leases operated by Range Resources Corporation (NYSE RRC). The company continues to lease acreage in Oklahoma and plans to increase oil production in the short term through its drilling activities. Development drilling is underway on the project with 9 wells per quarter being drilled with AusTex as the Operator. AusTex remains focused on this project to drive production growth and is negotiating with lenders to put in place a credit facility to expedite development over the coming months. At 20 acre spacing on vertical wells there are over 200 locations to be drilled on this project.