AusTex Oil Limited (ASX:AOK) Advise of the Appointment of Mr Russell Krause to the Board

Sydney, Oct 23, 2012 (ABN Newswire) - AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) wishes to advise of the appointment of Mr Russell Krause to the Board as an independent non-executive director pursuant to clause 12.7 of the Company's Constitution effective from today.

Mr Krause's appointment is to boost the Board's commitment to ensure an appropriate level of independence and financial expertise on the Board. The Board will continue to review its current skill set versus its requirements both on the ASX and in its preparation for a proposed listing on the TSXV in 2013. It is anticipated that a further full Board review to determine the size, structure, capability, location and needs of the Board will be conducted prior to such listing.

Mr Krause has 25 years' experience in Stockbroking and Investment Banking and held Directorships and Senior Management positions with a number of leading Australian firms. Over this time Mr Krause's primary focus has been the Resources sector and brings extensive experience in Australia, Africa, Asia and North America. For the past 10 years he has worked on a number of North American Oil and Gas projects in the Mid-Western USA. Mr Krause is currently a Director of Singapore based AuzMinerals Resource Group Limited and Novus Capital Limited.

Commenting on the appointment the Company's Chairman Mr Adrey said: "Russell has been a significant supporter and contributor of business acumen over the last three plus years, and the board feels that he will be a tremendous asset for our future plans."

Source: http://www.abnnewswire.net/press/en/73924/

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