Texon Petroleum Limited (ASX:TXN) First Eagle Ford Horizontal Well Reports Good Oil And Gas Shows
Brisbane, Oct 11, 2010 AEST (ABN Newswire) - Texon Petroleum Limited (
ASX:TXN) advises that the Tyler Ranch EFS #1H well has drilled into the Eagle Ford Shale at the depth of 3,252m (10,670ft) and has encountered good oil and gas shows.
The well will now drill 1,372m (4,500ft) laterally within the Eagle Ford at which time production casing will be run. Drilling and casing the well are anticipated to take 12-14 days.
Hydraulic fracture stimulation and testing of the well are scheduled for early November.
Texon has a 82% Working Interest (61.6% net revenue interest) in the Tyler Ranch EFS #1H well.
Please refer to Texon's website for announcements by the Company: http://www.texonpetroleum.com.au
Oil and gas futures prices (Source: NYMEX November 2010 contracts)
Oil: US$82.66/bbl
Gas: US$3.65/mmbtu (approx. US$4.80/mcf for all Texon gas - including US$5.80/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)
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