Texon Petroleum Limited (ASX:TXN) Strong Oil And Gas Shows Observed At First Eagle Ford Well
Brisbane, Oct 25, 2010 AEST (ABN Newswire) - Texon Petroleum Limited (
ASX:TXN) advises that it has finished drilling its first Eagle Ford well (TR EFS #1H). Strong oil and gas shows were observed throughout drilling 4,500ft horizontally within the Eagle Ford reservoir. Production casing has been run in preparation for the fracture stimulation which has been contracted and is expected to begin in the second week of November. After this work has been completed, the well will be production tested with results anticipated in the second half of 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 December 2010 contracts)
Oil: US$81.91/bbl
Gas: US$3.70/mmbtu (approx. US$4.80/mcf for all Texon gas - including US$5.90/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)
| ||
|
