Texon Petroleum Limited (ASX:TXN) Eighth Leighton Olmos Well Successfully Reached Total Depth
Brisbane, Jan 31, 2011 AEST (ABN Newswire) - Texon Petroleum Limited (
ASX:TXN) advises that Tyler Ranch #7 ("TR#7") has reached its total depth of 2,774 metres (9,100 feet). This is the eighth production well in the Leighton oil and gas field - all of which have been successful.
The targeted Olmos reservoir in TR#7 has similar reservoir characteristics to the Olmos in the previous seven (7) Leighton wells.
It is now planned to run production casing. The well will be fracture stimulated in March and then the well connected for oil and gas production.
The rig will now move to Peeler #2, the second well in the current three production well drilling program at Leighton.
Texon has an 80% working interest (60% net revenue interest) in Tyler Ranch #7.
- Oil and gas futures prices (Source: NYMEX February 2011 contracts)
- Oil: US$91.54/bbl
- Gas: US$4.50/mmbtu (approx. US$6.3/mcf for all Texon gas - including US$7.60/mcf for Olmos and Eagle Ford gas which make up 65% of Texon's gas production)
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)
http://www.texonpetroleum.com.au
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