ASX Announcement
Date: 18 November 2011
Texon Petroleum Ltd ABN 24 119 737 772Level 9, 46 Edward Street
Brisbane, Qld Australia 4000
Postal: GPO Box 402
Brisbane, Qld Australia 4001
Telephone: +61 7 3211 1122
Fax: +61 7 3211 0133
Directors: John Armstrong David Mason Bernard Rowley Company Secretary:Des Olling
Contact: David Mason President & CEOdave.mason@texonpetroleum.com.au
or:
John Armstrong Chairman john.armstrong@texonpetroleum.com.au
Website: ASX Code: TXNFourth Eagle Ford Well
30 Days - 23,700 boe
Texon advises that its fourth Eagle Ford well (Hoskins
EFS
#1H) produced 23,780 boe (20,969 bo + 16,875 mcfg) during its
first 30 days of production.
The fourth well produced 18% more oil during the 30 day
period than the Company's first well, and is in line with the
Company's third Eagle Ford well which produced 24,510 boe
during its first 30 days.
The locations of Texon's Eagle Ford leases and wells together
with nearby Eagle Ford wells are shown on the attached
map.
Texon has a 95% WI in the Hoskins well and a 71.25% NRI in
the production.
Texon's CEO, David Mason said "The 30 day production figures
from our EFS #4 are another excellent result for the Company.
The third and fourth Eagle Ford wells are in the northern and
southern parts of Texon's leases. The Initial Production from
these wells indicates that properly engineered Eagle Ford
wells on all of our leases can be highly productive. Our
third and fourth Eagle Ford wells have added real value for
shareholders."
-ends
Source: NYMEX December 2011
Oil: US$98.76/bbl
Gas: US$3.45/mmbtu (this translates to approx. US$5.70/mcf for all Texon gas -
including US$6.60/mcf for Olmos and Eagle Ford gas)
Glossary:bbl: barrel
bo: barrels of oil
boe: barrels of oil equivalent
boepd: barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 6mcf to 1 barrel of oil equiv)
mcf: thousand cubic feet
mcfg: thousand cubic feet of gas mmbtu: million British thermal units NRI: Nett Revenue Interest
WI: Working Interest
Attachment:(1): Map showing leases and wells
Page -2-
Attachment 1
The blue area indicates the 830 Eagle Ford acres acquired via
the Company's announcement dated 21
October 2011.