Texon Petroleum Limited (ASX:TXN) Tenth Leighton Olmos Well Successful

Brisbane, Mar 11, 2011 AEST (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that Tyler Ranch #8 has reached its total depth of 2,774 metres (9,100 feet). This is the tenth well in the Leighton oil and gas field - all of which have been successful.

The Olmos in Tyler Ranch #8 has similar reservoir characteristics to the Olmos in the previous nine (9) Leighton wells.

It is now planned to run production casing in the well after which the Olmos will be fracture stimulated in March and then the well will be connected for oil and gas production.

This was the third well in the current three well back to back Olmos production drilling program of Leighton and the drilling rig will now be released.

Texon has an 80% working interest (60% net revenue interest) in Tyler Ranch #8.

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

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

- Oil: US$102.57/bbl
- Gas: US$3.83/mmbtu (approx. US$5.80/mcf for all Texon gas - including US$6.60/mcf for Olmos and Eagle Ford gas which currently 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