Oil & Gas Production and

Development Company

ASX:AOK

AGM Presentation August 2011 F

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August 2011

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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Value Proposition

Australian Listed Exploration and Production Company

Oil focused - Strategic Acreage position in world class OIL plays

Oklahoma and Kansas – USA

High working Interest and Net Revenue Interest Positions

Production and Development driven growing revenue base

Established operator in fast moving growth area

Strategic Plan to Unlock Value in Current Assets

Oil production growth via drill bit activity

Aggressively pursue available acreage that fits strategic development criteria

Independent Reserve Report commissioned - expected September 2011

Listing and Marketing on North American Exchange – Underway

Technical team with extensive onshore experience

INTRODUCTION

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INTRODUCTION

SUBSTANTIAL SHAREHOLDERS

CAPITAL STRUCTURE

ASX code

AOK

Ordinary Shares on Issue (m)* 280.5

Options on issue (m)

Listed - Dec 11 – 25 cents – ASX:AOKO

Unlisted – Sep 11 – 19 cents

Unlisted – Dec 11 – 25 cents

Unlisted – Mar 12 – 25 cents

Unlisted – Jun 13 – 40 cents

Unlisted – Aug 14 – 15 cents

21.9

4.4

5.0

2.5

3.0

27.2

Market Cap. ($0.10 per share) (A$m) $28.2

Cash (A$m) – Aug 2011 $5.4

Top Shareholdings (>5%):

Iroquois Capital Opportunity Fund LP

K H Hung

9.7%

5.3%

4

TOP 20 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

MRS LINDA K ADREY 3,827,234 1.3

DAVIES NOMINEES PTY LTD 3,500,000 1.3

ETRANZ.COM PTY LTD 2,872,872 1.0

HSBC CUSTODY NOMINEES (AUST)LTD 2,949,492 0.8

DAN FULKERSON <EST LATE BR FULKERSON A/C> 2,400,000 0.8

AARON WOLFSON 2,272,727 0.8

BERPAID PTY LTD 2,250,000 0.8

MRS KATIE ALEXANDREA EVANS 2,250,000 0.8

AUSTRALIAN SECURITIES COMPANY (International ) PTY LTD

2,135,500 0.8

ALGENI PTY LTD <THE URRY FAMILY S/FUND A/C> 2,110,000 0.8

130,821,703 46.6

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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 Non-Executive 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 Wall Street 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, Petroleum Club & OCC Operator

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BOARD AND MANAGEMENT TEAM (CONT’D)

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Luis Veirma* USA *Appointed from 1 Sep 11

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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BOARD AND MANAGEMENT TEAM (CONT’D)

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Justin Clyne Company Secretary Australia

Admitted as a Solicitor of the Supreme Court of NSW and the High Court of Australia in 1996 before gaining admission as a Barrister in 1998

Significant experience and knowledge of the Corporations Act, the ASX listing rules and corporate regulatory requirements generally

Focus on Mining, Oil and Gas, Investment and Research

LLB, M.Laws, Grad Dip ACG, ACIS

Kurt Vanderyt Senior Geologist USA

Professional Geoscientist

Bachelor of Science (Geology/German), Master of Science (Geology)

15 years experience – offshore and onshore USA/Canada

Previously held positions with Newfield Exploration (NYSE) and Samson Resources (USA)

Ryan Corbin Senior Production Engineer USA

Petroleum Engineer

Bachelor of Science (Petroleum Engineering)

11 years experience – Onshore USA - Texas, Louisiana, Oklahoma and Kansas

Previously held position with Petrohawk (NYSE), Chevron-Texaco and Samson Resources (USA)

Ron Link Senior Petroleum Engineer USA

Petroleum Engineer

>35 yrs experience in Mid Continent

Previously with Arco Petroleum

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August 2011

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

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

TECHNICAL CONSULTANTS

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August 2011

Company Structure

AusTex Oil Limited

(ASX Code – AOK)

International Energy Corp

(Oklahoma)

Oil and Gas Assets

Tulsa Area

Well Enhancement Services LLC

Radial Jet Enhancement Operator

International Energy Corp

(Kansas)

Oil and Gas Assets

Central and Northwest Kansas

International Energy Corp

(Northern Oklahoma)

Oil and Gas Assets

Kay and Noble Counties

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August 2011

GROSS SALES

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0.63

1.4

3.6

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

Yr Ended Mar 2009 Yr Ended Mar 2010 Yr Ending Mar 2011

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OIL AND GAS LEASE LOCATIONS

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USA OPERATIONS International Energy Corporation

Tulsa Office 1801 East 71st Street Southern Hills TULSA OK

Northern Oklahoma 5,000 acres Conventional Oil & Gas Horizontal Targets

Tulsa Region

1,600 acres Conventional Oil &Gas Producing

Kansas ~60,000 acres Conventional Oil & Gas Horizontal Possibilities F

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August 2011

Key Drivers of resurgence in USA Mid Continent Oil Development

Major Players have re-focused development on liquid rich plays

Technology breakthroughs with Horizontal Drilling and multi-stage fracture-stimulation processes

Glut of domestic shale gas has stagnated natural gas market, focus has shifted to oil plays.

Moratorium on Gulf of Mexico Drilling.

$80 plus oil price

Unrest in Middle East causing Geo Political risk profile change

AOK holds the Keys to Success

High Net Revenue Interest

Strategic Acreage in known plays with ability and relationships to expand

Mix of Development and Exploration assets

USA ONSHORE OIL PLAYS HEAT UP

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Mississippi Lime This hot, new horizontal oil play in Oklahoma

and Kansas has legacy lease-holders looking at

80%-plus returns and $1-billion-plus capex

plans. Those late to the show are wondering

how to get in.

Cover Article:- Oil and Gas Investor April 2011

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August 2011

MISSISSIPPI LIME OSAGEAN SERIES F

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HORIZONTAL MISSISSIPPIAN PLAY

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Pennsylvanian

NOT TO SCALE – Illustration only

*Multiple lenses

*Not ubiquitous

*0’ to 100’ thick

*current HZ target

*Underlies entire

trend

*50’ to 300’ thick

*stores massive

HC volumes

*Promising HZ

candidate

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Mississippian Unconformity

“Solid”

Woodford Shale

Ø ~ 0.08-0.30

Ø ~ 0.03-0.08

NATURALLY

FRACTURED

Most HZ activity in the trend is in the more porous MS Chat. Ceja’s Highley 4H (offsetting our acreage) is approx

100 MBOE drill-out into the “Chat”. Range Resources Thor 1-H (currently flowing ~300-600 BO/D + 1

MMCF/D) is also a “Chat” completion. The MS “Solid” is also productive in the project area (mean reserves ~36-

38 MBOE from vertical wells) with HZ development underway by several competitors (Spyglass in Osage Co.)

Both reservoirs are important components of the AusTex development and expansion strategy.

Mississippian Type Log – Tara 1-33 (Kay Co., OK)

“Chat” lens ==

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August 2011

HORIZONTAL MISSISSIPPIAN OIL - PERFORMANCE

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Source: SandRidge Energy

DAYS

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August 2011

MISSISSIPPIAN REGIONAL PLAY

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KS

OK

AOK Core

Project Areas

Green Circles – MS Solid Producers

Red Circles – MS “Chat” Producers

Blue dashed outlines = Recent HZ activity

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

SandRidge Chesapeake

Range Res Ceja

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August 2011

Range Resource (NYSE:RRC)

52,000 net acres – 50% Held by Production (AOK neighbour)

108 well location – EUR 407 Mboe /well

Cost $3.1 million per well – ~80% IRR

2200’ laterals with 12 stage frac

7 times production

3 times the cost of vertical well

Chesapeake Energy (NYSE:CHK)

Reports major shift to liquid rich targets during 2010

Serenity 1-3 H well IP 1,609 BOE/PD from Mississippi

Also drilling Tonkawa, Cleveland, and Oread Formations in Oklahoma

SandRidge Energy (NYSE:SD)

>900,000 acres in Oklahoma

84 well drills

$3.0m cost per well including SWD (Water Disposal)

~108% IRR

NPV per Well $5.9m

MISSISSIPPI LIME NOTABLE PLAYERS

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Range Resources

- Thor #1 Well drilled and

completed in June 2011

- Producing 6,000 bfpd @ 5-10%

oil cut (+/- 1 MMCF/D)

- Lateral TD ~ 400’ from AOK

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KAY/NOBLE COUNTIES - OKLAHOMA

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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 1-13H

Range: Billy 3-26H

Range: Mac 1-27H

SandRidge: Kasper 1-2H

341 boepd

Ceja: Highly 4H

Cum > 100 MBO

AOK leasehold (~5,000 acres and counting)

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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August 2011

International Energy Corporation (Northern Oklahoma) – 100% Subsidiary

Kay and Noble County - AOK 100% WI – 81.25% NRI

Mississippi Lime Play

Oil – 6,000+ acres

Vertical Wells to 5,000 feet – 10 acre spacing - $6000k Completed

EUR 30,000-120,000 barrels- Payback 6-10 months

Horizontal Layton, Tonkawa, Cleveland and Mississippi targets to 6,000 feet – 320 acre spacing

EUR 300,000 – 500,000 Barrels per Well – Netherland Sewell = 409,000 EUR model

NORTHERN OKLAHOMA

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Horizontal Well Economics

Drilling and Completions Costs (US $mm)

3.0

Estimated Ultimate Recovery (mboe) 409

IRR % = $80/oil >60%

PV 10 $8.5

Payout (months) 7

Vertical Well Economics

Drilling and Completions Costs (US $mm)

0.6

Estimated Ultimate Recovery (mboe) 60

IRR % >60%

PV 10 $1.2

Payout (months) 10

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August 2011

International Energy Corporation (Oklahoma) – 100% Subsidiary - Operator

Tulsa Surrounds – AOK 100% WI – 80% NRI

Shallow oil play / secondary recovery / gas

~1600 acres – 10 acre well spacing

Multiple reservoirs – Red Fork, Taneha, Cleveland, Arbuckle and possible

“liquid-rich” unconventional targets

Vertical wells to 2,500feet – $250k completed well.

EUR 30,000 – 70,000 barrels – secondary recovery

TULSA REGION

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Vertical Well Economics

Drilling and Completions Costs (US $mm)

0.25

Estimated Ultimate Recovery (mboe) 70

IRR % >80%

PV 10 $1.3

Payout (months) 6

Cleveland Sst

Big Lime

Oswego

Skinner Sst

Red Fork Sst

Taneha Sst

Bartlesville Sst

Burgess Sst

Missippi Lime

Woodford Shale

Tyner Sst

Burger Sst

Arbuckle Dolo

M

ISSI

SSIP

PIA

N

PEN

NSY

LVA

NIA

NO

RD

IVIC

IAN

“oil

shows”

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August 2011

TULSA REGION ADDITIONAL TARGETS

CLEVELAND @ 700’

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August 2011

International Energy Corporation (Kansas) – 100% Subsidiary

Kansas – AOK WI 30-53% - NRI 25% - 43.5%

Oil – Multiple Projects - ~65,000 acres – Exploration

Cooper Project 26,500 acres, 3D seismic, Discovery well Clark #1 drilled in 2010 – WI 53% NRI 43.5%

Vertical drilling Pennsylvanian and Ordovician targets to 4,400 feet - $400,000 Fully Completed

Arbuckle deepening Project in Ellsworth County – 3,000 acre – WI 50% NRI 38%

Jewel County 35,000 - Reagan Sand – WI 30% NRI 21.3%

Emerging possibilities – Pawnee Shale – Mississippian Play – Regan Sand - A&D hotting up

KANSAS

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Vertical Well Economics

Drilling and Completions Costs (US $mm)

0.45

Estimated Ultimate Recovery (mboe) 70

IRR % >80%

PV 10 $1.7

Payout (months) 7

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August 2011

KANSAS GEOLOGY

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Strat Potential at core

AOK Lease Locations Mississippian “pinch-out” around Central KS Uplift is

focus of recent land bonanza; including the entrée of majors

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August 2011

Northern Oklahoma

Mississippi Lime Play - 100% WI ~6000 acres in “oil fairway” – 15+ Horizontal Locations

EUR per location 409,000 boe x 15 locations = 6,135,000 estimated recoverable boe

NPV = 6,135,000 boe @ $15 / barrel = $92,025,000

Kansas

Cooper Project – 53% WI (26,500 acres)– Net AOK 14,045 acres = $2.150,000 ($150/acre)

Jewel Project – 30% WI (35,000 acres) - Net AOK 10,500 acres = $1,575,000 ($150/acre)

Ellsworth Project – 50% WI (3,200 acres) - Net AOK 1,600 acres = $ 480,000 ($300/acre)

Total Estimated Current Value = $96,230,000 34 Cents per share

AOK Management Assessment based on regional A&D and Public Company information

ACREAGE VALUE PROPOSITION

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August 2011

CORPORATE AND FIELD ACTIVITY

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Target Sep Qtr Dec Qtr 11

Corporate

Audit and Reserve Report In Progress

North American Investor

Presentation and Listing

In Progress Ongoing

Tulsa Region

Multiple Zones 3 wells* 2 Wells*

Northern Oklahoma

Cleveland, Miss Chat, Endicott

Formations

3 Wells*

Vertical Well

Log Miss Lime Interval

Produce Shallower Form.

2 Wells*

Commencing August

2 Wells*

Horizontal Wells

Miss. Lime

Layton or Cleveland

Planning underway One Well

Kansas

Lansing –KC, Toronto GeoPhysical Review

Arbuckle One Well* One Well*

* New Well or Recompletion

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August 2011

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

2011 Acreage value far exceeds entry costs – Northern Oklahoma $2100/acre precedent

Demonstrated Revenue Growth - $3.6m Year ended March 31 2011

Low Cost development and drilling program – Production Growth

Focus short term on Tulsa and Tonkawa OIL production increase

First Mississippi Horizontal planned for 2nd Half 2011

Continue to aggressively acquire Long term strategic acreage position

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

Increased Corporate and Investor exposure in USA

ADR on OTC:QX International September 2011 ( Application Pending final approvals)–

Marketing Campaign underway

Nil Debt

Summary

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August 2011

Australia – Managing Director - Daniel Lanskey

Level 57, MLC Centre,

19-29 Martin Place,

SYDNEY NSW 2000

Tel. (02) 9238 2363

Email info@austexoil.com

CONTACT DETAILS

USA – Executive Director/President – Richard Adrey

1801 East 71st Street

TULSA OK 74136

Tel. (918)743 7300

Email info@iec-oil.com

Website - www.austexoil.com

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HORIZONTAL MISSISSIPPI ECONOMICS

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Source: Range Resources NYSE:RRC

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August 2011

HORIZONTAL MISSISSIPPI COMPS

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August 2011

KAY COUNTY HIGHER LIQUID RATIO

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August 2011

MID CONTINENT RESULTS

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Source: Chesapeake Energy NYSE:CHK

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August 2011

HORIZONTAL WELL PERFORMANCE

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Source: SandRidge Energy NYSE:SD

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August 2011

MISSISSIPPI LIME COMPS

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August 2011

OTC:QX INTERNATIONAL

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August 2011

OTC:QX INTERNATIONAL

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August 2011

OTC:QX INTERNATIONAL LISTING

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August 2011

OTC TRADED ADR

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PRINCIPAL AMERICAN LIAISON

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US MARKET EXPOSURE

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August 2011

C K COOPER & COMPANY

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