New Standard Energy Limited

Burleson Energy Limited (ASX:BUR) advises that as at 6am on Monday 31 May 2010 (Texas time) the Moeller #1 well was at a depth of 12,002 feet (3,658m) and drilling ahead towards an anticipated total depth (TD) of 12,500 feet (3,810m). Based on the mudlogs from the well, numerous hydrocarbon shows have been encountered through the reservoir targets of the Wilcox sands. It should be noted, however, that the quality and significance of these hydrocarbon shows cannot be accurately determined until the well has reached TD, electric logs have been run through the reservoir zones and the joint venture has had time to interpret these logs.

Burleson Energy Limited (ASX:BUR) advises that, during the past week, intermediate logs were run and casing set and cemented at 11,229 feet (3,422 metres) on the Moeller #1 well. As of 10 am on 24 May, 2010 (Texas time), the well operation was preparing to drill out and test the casing shoe before drilling ahead towards the target Wilcox reservoir. A two day delay was experienced in the past week due rig to repairs, but these have been completed, and it is anticipated that the well will reach its total planned depth of 12,500 feet (3,810 metres) within 7 to 10 days.

Burleson Energy Limited (ASX:BUR) advises that, as of 2PM on 17 May, 2010 (Texas time), the Moeller #1 well was drilling ahead at a depth of ~11,200 feet (~3,414 metres). The plan is to drill ahead another ~ 3 metres then run electric logs. After logging, intermediate casing will be run and cemented, then drilling will resume to the target objective.

Burleson Energy Limited (ASX:BUR) advises that, as at 6am on 10 May, 2010 (Texas time), the Moeller #1 well was at a depth of 8,086 feet (~2,465 metres). The Moeller #1 is the second of numerous large Wilcox prospects to be drilled in 2010 and is being drilled as a vertical well to a total depth of approximately 12,500 feet (3,810 metres).

Burleson Energy Limited (ASX:BUR) advises that following total depth of 11,800 feet (~3,597m) being reached at the Heintschel #1 well late last week, the well was logged and the logs were received on Saturday 24 April, 2010 (Perth time).