Texon Petroleum (ASX:TXN) Provide March 2011 Testing Updates On Four Wells

Brisbane, Feb 14, 2011 AEST (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) is pleased to provide March 2011 testing updates on its four wells:

Eagle Ford

Texon advises that the fracture stimulation and testing of its second Eagle Ford well are scheduled to begin in the first week of March. The fracture stimulation work will take about two weeks after which the well will be production tested. A gas pipeline is being laid to the well so production will be able to begin immediately.

Texon has a 100% WI (75% NRI) in this well.

Olmos

Upon completion of the above project, the contractor will fracture stimulate the three (3) Olmos production wells referred to in the Company's release of 19th January this year. Each well will take one (1) day for the frac work. The wells will be placed in production when the fracture stimulation and testing are completed.

Texon has an average 70% WI (52.5% NRI) in these 3 wells.

Production

During the second quarter of this year, it is expected that the above four (4) wells, if successful will contribute a combined average of 600 boepd to the Company's production.

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

- Oil and gas futures prices (Source: NYMEX March 2011 contracts)

- Oil: US$85.60/bbl

- Gas: US$3.94/mmbtu (approx. US$5.95/mcf for all Texon gas - including US$6.70/mcf for Eagle Ford and Olmos gas which currently makes 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