Oil & Gas Production and

Development Company OTC.QX: ATXDY

ASX:AOK

Corporate Presentation February 2012

Contact Richard Adrey +1 918-743-7300

Or Dan Lanskey +61 408-885-018

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February 2012 OTCQX:ATXDY ASX:AOK

Disclaimer

This presentation is not a Prospectus by AusTex Oil Limited A.C.N. 118 585 649 (AusTex) nor an offer for securities in any jurisdiction nor a securities recommendation.

The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions investors

should rely on their own examination of AusTex and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of

securities.

The information contain in this presentation has been prepared in good faith by AusTex. However, no representation or warranty expressed or implied is made as to

the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation by AusTex, its

directors, employees and advisors. To the maximum extent permitted by law, AusTex, its directors officers, employees and advisors disclaim liability for any loss or

damage which may be suffered by any person through the use or reliance on anything contained in or omitted in this presentation.

Certain information in this presentation refers to the intentions of AusTex, but these are not intended to be forecasts, forward looking statements or statements

about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and

other factors that may cause AusTex's actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, AusTex, its

directors officers, employees and advisors do not give any assurance or guarantee that the occurrence of the events referred to in this presentation will actually occur

as contemplated.

DISCLAIMER

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February 2012

CORPORATE SUMMARY

CAPITAL STRUCTURE

ASX code

AOK

Ordinary Shares on Issue (m)* 280.5

QX International ADR (1:50)

Options on issue (m)

ATXDY

47.7

Market Cap. ($0.10 per share) (A$m) $28

Current Production - January 2012 215 boe/d (85% oil)

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TOP SHAREHOLDERS Shares %

IROQUOIS CAPITAL OPPORTUNTIY FUND LP 27,272,727 9.7

KWANG HOU HUNG 15,000,000 5.3

PHESOJ P/L 12,479,429 4.4

RICHARD A ADREY 10,618,086 3.7

DR LEON EUGENE PRETORIUS 10,550,000 3.7

KENG CHUEN THAM 6,550,000 2.4

SCOT COHEN 6,500,000 2.3

SOUTH FERRY #2 LP 6,363,636 2.2

MR VICTOR WAN <SUPER FUND A/C> 4,700,000 1.6

RONATAC PTY LTD 4,220,000 1.4

• USA onshore Liquids Rich Assets Only

• Oklahoma and Kansas focus

• Mississippi Lime Primary Target

• ~16,000 net acres of Miss Lime

• High Working Interest and Net Revenue Interest Positions

• Grow existing Production Base and proved reserves organically via Drill bit Activity

• Experienced Technical Team and Board

• Joint Development / Partnership Possibilities

• TSX listing planned 2012

VALUE PROPOSITION

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February 2012 OTCQX:ATXDY ASX:AOK

Board and Management Team

BOARD AND MANAGEMENT TEAM

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Dr Peter Power Non Executive Chairman Australia

50 years’ experience in hydrocarbon exploration worldwide - Geologist.

Senior management positions with International Majors - Unocal and Union Texas. MD of Ampolex Ltd prior to its acquisition by Mobil.

Formerly Chairman of Metgasco and Elk Petroleum and Non-Executive Director of Petsec.

Founding Head of Geology at the Western Australian Institute of Technology

Formerly chairman, Hon. Life Member, Australian Petroleum Production and Exploration Association (“APPEA”). formerly President, Australian Geoscience Council

Kwang Hou Hung Non Executive Deputy Chairman Singapore

Qualified as a Chartered Accountant with KPMG, United Kingdom in 1982.

Member of both the Institute of Chartered Accountants in England & Wales (“ICAEW”) and the

Malaysian Institute of Accountants.

Extensive corporate experience having served in senior management and director positions with

companies listed in Malaysia and Australia.

Richard Adrey Executive Director and Founder USA

President and Founder of International Energy Corp

Former investment banker specializing in M&A

Involvement in numerous public companies in the USA, including Piper Aircraft, Cynocom Corporation, Vacation Break, Medisys and Versatech

Holds a B.S. in Finance

Member Independent Petroleum Association of American, Oklahoma Independent Producers Association, Mid Continent Oil & Gas Association, Wildcatters, Petroleum Club & OCC Operator

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February 2012 OTCQX:ATXDY ASX:AOK

BOARD AND MANAGEMENT TEAM (CONT’D)

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Luis Vierma Non Executive Director USA

GeoChemist – Bachelor Degree in Chemistry – Master’s degree in Geology (Geochemistry of Petroleum)

Formerly Deputy Chairman of OPEC Long Term Strategy Vice President of Exploration and Production of PDVSA, Director and Chairman of CITGO Deputy Director of Hydrocarbons - Energy Ministry of Venezuela President of CVP an affiliate of PDVSA President of PDVSA Research Centre Professor of Chemistry at Universidad Central de Venezuela 32 yrs Global Industry Experience

Kay Philip Non Executive Director Australia

Geophysicist with extensive experience in project acquisition and financial analysis of resources projects.

Honorary Associate at the School of Physics, University of Sydney.

Awarded the Chevalier de l’Ordre National du Merite by the French Government for facilitating collaborations between Australian and French scientists.

Senior Fellow of the Financial Services Institute of Australia (“FINSIA”), Member Australian Institute of Physics (“AIP”), Member Australian Society of Exploration Geophysicists (“M.ASEG”)and Secretary of the Australian-French Association of Science and Technology (“AFAS”)

Dan Lanskey Managing Director & Founder

Vice President – International Energy Corp

Over 10 years’ senior management experience for a number of ventures in Asia, Europe and the USA.

8 yrs Oil and Gas industry experience

Post-Graduate business degree from Griffiths University, Qld.

Member of the Petroleum Exploration Society of Australia (PESA).

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February 2012

Iromad LLC

Daniel Smith, Consultant

· Registered Professional Engineer in Petroleum Engineering - Bachelor of Science (Chemical Engineering)

· Previously operations engineer specializing in hydraulic fracturing and artificial lift for XTO Energy

· Directly responsible for managing fields in excess of 100 MMCFD

· Over 15 years experience

Ruben Alba, Consultant

· Bachelor of Science (Chemical Engineering) -

· Specialist in complex reservoir problems involving geochemistry, geomechanics, surface logistics and environmental concerns

· Managed technical and laboratory staff at Halliburton Energy Services and Superior Well Service

· Introduced novel technologies involving new fluid chemistry as well as completion processes to reservoirs requiring cutting edge technology

· Holds two patents in unique completion technologies and is adept to the challenges of unconventional reservoirs

· Over 13 years experience

Plaster and Wald

Well Planning for Drilling, Completion, Production and Workovers

In House Engineering Personnel - Preparation and Cost Analysis

Post Well Reviews - State and Federal Regulatory Compliance and Testimony

TECHNICAL CONSULTANTS

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February 2012

MISSISSIPPI LIME AREA OF INTEREST

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Play developing rapidly

• Over 400 horizontal wells drilled

since 2009

• SandRidge announced plans to

drill 350 horizontal wells in 2012*

Significant JV activity in 2011

• $1 Billion JV with Repsol

(Spain)

• $500 Million JV with Antium

(Korea)

• $925 Million SandRidge

Mississippian Trust I & II

• Chesapeake expected to

announce JV imminently

Major nearby operators include:

• SandRidge (NYSE:SD)

• Chesapeake (NYSE:CHK)

• Shell (NYSE:RDS)

• Range (NYSE:RRC)

• Devon (NYSE:DVN)

• RAM (Nasdaq:RAM)

• PetroQuest (Nasdaq:PQ)

AusTex Oil

Mississippi Lime

Project Areas

~16,000 net acres

* Source: SandRidge Mississippian Trust II Prospectus

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Well Site Preparation Range Resources

New Horizontal Well Range Resources

Well Site Preparation Range Resources

Two Rigs Drilling Verticals Dan Darling Drilling

Range Resources Horizontal Wells

Odin 1-31H Thor 1-31H

Field Activitiy Surrounding AusTex Snake River Project – Photos Taken by Dan Lanskey on 18 Nov 2011

Mustang Gas Compression Station

East Tonkawa Unit #15-4 and #14-5

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February 2012

SNAKE RIVER PROJECT – KAY & NOBLE COUNTIES

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Range: Thor 1-32H

FARO 6,000 BF/D

(5-10% oil cut) +

1 mmcfg/d

Range: G. State 2-13H

Range: Odin 1-31H

Range: Billy 3-26H

Range: Mac 1-27H

SandRidge: Kasper 1-2H

341 boepd

Ceja: Highly 4H

Cum > 100 MBO

AOK leasehold Oklahoma and Kansas (~16,000 net ML acres)

Osage Co

Kay Co

Noble Co

Grant Co

Ceja: Glasgow 3H & 4H

Ceja: Paris B2 & 3H

Ceja: Benjamin 4&5

Ceja: Martin 1H

Ceja: Washaki 2H &

Osage 3H

Green Circles – MS Solid Producers

Red Circles – MS “Chat” Producers

Contours: Mississippian Structure (C.I. = 250’)

Dark blue lines = Recent HZ wells

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February 2012

Initial Vertical Well Program East Tonkawa Unit

ETU #15-4 – September 2011

Deepened to 4,650 feet

Identified 320 feet gross Miss Lime interval

2 stage frac – Chert / Solid

Ave. 30 day IP 50 boe/d – Rod Pump/Jack

70% Oil

ETU #14-5 – November 2011

Deepened to 4,650 feet

Larger 2 stage frac

Fitted with Electric Submersible Pump

Ave. 30 Day IP 90 boe/d Peak 106 boe/d

8 additional Vertical Wells Planned - ~$800k each

Horizontal Well locations to be Identified

50 Possible Oklahoma and Kansas locations

AFE $3.0m - $3.5m per Well

EUR 300-500,000 BOE

MISSISSIPPI LIME DRILLING SUCCESS

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Mustang Gas

Compression Station

ETU #14-5

ETU #15-4

ETU Oil Storage Tanks

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February 2012

Oklahoma ~6,000 net acres - 100% WI – 81.25% NRI

Kansas - ~10,000 net acres – 53-70% WI 38%-56%NRI

OKLAHOMA & KANSAS MISS LIME ACREAGE

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Horizontal Well Economics

Drilling and Completions Costs (US $mm)

3.0-3.5

Estimated Ultimate Recovery (mboe) 409

IRR % = $80/oil >100%

PV 10 $8.5

Payout (months) <12

Potential Locations (320 acre spacing) 50

Vertical Well Economics

Drilling and Completions Costs (US $mm)

0.8

Estimated Ultimate Recovery (mboe) 60

IRR % >80%

PV 10 $1.2

Payout (months) <12

Potential Locations (40 acre spacing) 400

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February 2012 OTCQX:ATXDY ASX:AOK

CORPORATE AND FIELD ACTIVITY

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Target 6mths ending June 2012 6 months ending Dec 2012

Corporate

TSX Listing Complete audit and reserve reports

Prepare documentation for application

Target Listing period based on production and

reserve growth from field operations

Northern Oklahoma

Vertical Well

Miss Lime

Drill/deepen 6 Wells Drill 6 wells

Horizontal Wells

Miss. Lime

Participation with Major Operator

Kansas

Lansing –KC, Miss Lime/Arbuckle

Sheridan/Thomas counties

Complete Additional Seismic Shoot and

Processing

10,000 net acres

Geophysical Results and High Grade Targets

Drilling Vertical Wells

Arbuckle existing Wells

Ellsworth County

Complete 4 additional deepening Continue with 4 additional Deepening

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February 2012 OTCQX:ATXDY ASX:AOK

Highly prospective acreage with the Right Address - ~70,000 acres OIL Targets

Growing oil production from High Graded drill targets

Development Plan ongoing

12 Vertical Well program underway in Northern Oklahoma

Multiple Horizontal Mississippi Lime well locations - EUR 300,000-425,000 per well

6 Vertical Well program underway in Kansas

High Grading additional locations with 3D seismic in Kansas

Joint Venture – Partnership opportunities – Multiple Projects

World Class Technical Team and Contractors in place to deliver production growth

Increased Corporate and Investor exposure in North America

Planned TSX listing Calendar 2012

Summary

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February 2012

Management Reserve Estimates completed December 2012

Competent Persons Statement

The probabilistic unaudited estimates have been prepared by Dr Peter Power, a Geologist and Non-Executive Chairman of AusTex Oil limited in accordance with generally accepted engineering and evaluation principles set forth by the Society of Petroleum Engineers (SPE) PRMS guidelines. Dr Power, who has 40 years industry experience has consented to the inclusion of the technical information in this presentation in the format that it appears.

SNAKE RIVER PROJECT RESERVE ESTIMATES

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Probability Northern Oklahoma

BOE

P90 2,094,000

P50 9,487,000

P10 15,521,000

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February 2012

APPENDIX 3D HIGHLIGHTS MISS LIME IN KANSAS

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Mississippi Lime Top

Cross Section from

Seismic Shoot

Cooper Project,

Sheridan County,

Kansas

AOK 53% WI

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