Texon Petroleum Limited (ASX:TXN) Sixth Leighton Well (Tyler Ranch #5) Flows Oil And Gas 445 BOEPD

Brisbane, April 30, 2010 AEST (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that the sixth well on its Leighton Project, Tyler Ranch #5, has begun to flow oil and gas at the gross rate of 445 BOEPD (Barrels of Oil Equivalent Per Day) from the Olmos reservoir (comprising 420 bopd and 150 mcf of gas per day) through a 8/64" choke.

The combined production rate of the five (5) existing Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2, Tyler Ranch #3 and Tyler Ranch # 4) at this time is a gross 460 boepd with Texon's Working Interest share being 322 boepd.

Tyler Ranch #5 has been connected to oil tanks and a gas sales pipeline so that the Company will now begin to obtain revenue from the production. The time from well spud to revenue earning production has been 22 days.

With six out six Leighton successes, the Company is continuing with its plans to develop the Olmos reservoir in the Leighton oil and gas field. Financing arrangements to drill up to 25 more wells are targeted to be finalized in the next few months.

Texon has an overall 79% Working Interest (59% net revenue interest) in the Leighton Project.

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

Oil: US$85.51/bbl
Gas: US$3.99/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 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)