Texon Petroleum Limited (ASX:TXN) Commences Drilling On Leighton #7

Brisbane, Aug 2, 2010 AEST (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that the seventh Leighton Olmos well, Tyler Ranch #6, commenced drilling on 1st August, 2010 and is currently at a depth of 70 metres. The well has a planned total depth of 2,743 metres (9,000 feet) and will take about 12-15 days to drill.

Texon has a 66% working interest (49.5% net revenue interest) in the Leighton/Sutton Project.

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

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

Oil: US$ 78.99/bbl
Gas: US$ 4.91/mmbtu
(approx. US$6.40/mcf for all Texon gas - including US$7.80/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 15 hours behind Aust. Eastern Standard time)