Texon Petroleum Limited (ASX:TXN) Updates On Eagle Ford Wells
Texon Petroleum Limited (ASX:TXN) Updates On Eagle Ford Wells

Brisbane, Nov 15, 2010 AEST (ABN Newswire) - Texon Petroleum Limited's (googlechartASX:TXN) second Eagle Ford horizontal well (MR EFS #1H), located in the Company's Mosman/ Rockingham lease, commenced drilling on 12 November 2010. It is expected that the well will take 35 days to drill. Fracture stimulation and testing of this well are scheduled for January next year. The Company has a 100% Working Interest (75% Net Revenue Interest) in the well.

The fracture stimulation and testing of Texon's first Eagle Ford horizontal well (TR EFS #1H), has been delayed and the work is now scheduled to begin during the second half of November, with test results anticipated two to three weeks later. The Company has a 82% Working Interest (61.6% Net Revenue Interest) in the TR EFS #1H well.

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

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

- Oil: US$84.82/bbl

- Gas: US$3.81/mmbtu (approx. US$4.90/mcf for all Texon gas - including US$6.10/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)



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