Texon Petroleum Limited (ASX:TXN) Eagle Ford Well No.3 Successfully Reached Total Depth

Brisbane, July 22, 2011 AEST (ABN Newswire) - Texon Petroleum Limited's (ASX:TXN) third Eagle Ford well has reached its total depth of 15,767 feet after successfully drilling 4,500' of horizontal well in the Eagle Ford reservoir.

Oil and gas shows recorded throughout the 4,500' are in line with the oil and gas shows in the Company's nearby first Eagle Ford well. The first well had an initial test rate of 1,267 boepd in December last year and has been in production since that time.

The third Eagle Ford well has been cased and suspended for fraccing, testing and production. This work is scheduled for mid August with first oil and gas production forecast for early September.

The rig will now move to drill the Company's fourth Eagle Ford well (Hoskins EFS #1H) and it is expected that drilling and casing operations will take 35 days.

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

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

- Oil: US$99.13/bbl
- Gas: US$4.39/mmbtu (approx. US$6.80/mcf for all Texon gas - including US$7.60/mcf for Olmos and Eagle Ford 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) http://www.texonpetroleum.com.au