Brisbane, Jan 6, 2012 (ABN Newswire) - Texon Petroleum Ltd (
ASX:TXN) advises that it has acquired a further 480 acres of Eagle Ford leases. Location of the leases is shown on the map, see link:
http://media.abnnewswire.net/media/en/docs/ASX-TXN-238766.pdf
This takes Texon's Working Interest Eagle Ford holdings to 7,200 acres out of a gross 7,700 acres.
The new leases are in close proximity to the Company's existing leases. On an 80 acre per well basis, the Company now has some 90 potential Eagle Ford well locations, including the four (4) Eagle Ford wells already drilled.
Texon has an overall 93.5% Working Interest in its Eagle Ford leases.
Texon's Eagle Ford wells produce 90% oil and gas liquids and 10% gas. The re-engineered No. 3 and 4 wells have produced 28% and 14% more oil in their first 60 days production, compared with Texon's first Eagle Ford well. The initial rates from these three wells averaged 1,500 boepd and their combined 60 day average was 685 boepd.
The results for these wells were most recently reported in the Company's releases of 28th November and 15th December 2011.
Texon has a sound lease position in the highly oil productive part of the Eagle Ford trend and is now considering how to realize the value of the Company's Eagle Ford holdings.
ASX:TXN) advises that it has acquired a further 480 acres of Eagle Ford leases. Location of the leases is shown on the map, see link:http://media.abnnewswire.net/media/en/docs/ASX-TXN-238766.pdf
This takes Texon's Working Interest Eagle Ford holdings to 7,200 acres out of a gross 7,700 acres.
The new leases are in close proximity to the Company's existing leases. On an 80 acre per well basis, the Company now has some 90 potential Eagle Ford well locations, including the four (4) Eagle Ford wells already drilled.
Texon has an overall 93.5% Working Interest in its Eagle Ford leases.
Texon's Eagle Ford wells produce 90% oil and gas liquids and 10% gas. The re-engineered No. 3 and 4 wells have produced 28% and 14% more oil in their first 60 days production, compared with Texon's first Eagle Ford well. The initial rates from these three wells averaged 1,500 boepd and their combined 60 day average was 685 boepd.
The results for these wells were most recently reported in the Company's releases of 28th November and 15th December 2011.
Texon has a sound lease position in the highly oil productive part of the Eagle Ford trend and is now considering how to realize the value of the Company's Eagle Ford holdings.
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About Texon Petroleum Ltd
Texon Petroleum Limited's (ASX:TXN) goal is to find commercially producible oil and gas by drilling 3D seismic controlled high equity prospects which have targets analogous to adjacent producing wells on established oil and gas producing trends in Texas.
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