Texon Petroleum Limited (ASX:TXN) Commences Drilling At Sixth Leighton Well, Tyler Ranch #5

Brisbane, April 8, 2010 AEST (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that the sixth Leighton well, Tyler Ranch #5, commenced drilling on 7 April 2010. The well has a planned total depth of 2,743 metres (9,000 feet) and will take about 12-15 days to drill. The well will penetrate the Olmos reservoir at approximately 2,676 metres (8,780 feet), which is the same oil and gas reservoir as is producing in the first five Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2 , Tyler Ranch #3 and Tyler Ranch #4). Tyler Ranch #5 is located 335 metres north of Tyler Ranch #2.

If the wire line electric logs indicate producible oil and gas in the Olmos reservoir, the well will be completed as the Company's sixth oil and gas producer from this zone in the Leighton Project.
Texon has a 70% working interest (52.5% net revenue interest) in the Leighton Project with joint venture parties Global Petroleum Limited (15%) and Excellong, Inc (15%).

Please refer to Texon's website for announcements by the Company: http://www.texonpetroleum.com.au

Oil and gas futures prices (Source: NYMEX May 2010 contracts)

Oil: US$ 85.64/bbl
Gas: US$ 4.01/mmbtu
(approx. US$4.60/mcf for all Texon gas - including US$5.60/mcf for Leighton Olmos gas)

Contact

Dr. John Armstrong Chairman Brisbane: TEL: +61-7-3211-1122 Or Mr. David Mason Chief Executive Officer Brisbane: TEL: +61-7-3211-1122 Houston: TEL: +1-281-419-4976 (Houston is 16 hours behind Aust. Eastern Standard time)