ASX Announcement

Date: 30 November 2012

Texon Petroleum Ltd ABN 24 119 737 772

Level 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 Bernard Rowley David Mason Company Secretary:

Des Olling

Contact: Clifford Foss President & CEO cfoss@texozep.com

or:

John Armstrong Chairman john.armstrong@texonpetroleum.com.au

Website:

www.texonpetroleum.com.au

ASX Code: TXN


Current Drilling Wells Update

The Hoskins EFS #3H well was drilled to 17,156 ft measured depth at a true vertical depth of 11,267 ft after which production casing was installed to total depth. The well was successfully drilled in the EFS target zone for a lateral length of 5,595 ft. The pre-drill estimate of 18 frac stages has been modified to the actual hole conditions and it is now estimated that there may be as many as 25 frac stages in the well.
The Quintanilla SM EF #1H well has drilled to a TD of 16,458 ft measured depth, 10,770 ft true vertical depth and production casing is currently being run. The well was drilled in the Eagle Ford target zone with a lateral length of 5,086 ft. This well also had a pre-drill estimated 18 frac stages and is currently planned to have a 20 stage frac.
The Hoskins EFS #3H and the Quintanilla SM EF #1H are planned to be fracced back to back after both wells are cased. The estimated date for fraccing is planned for mid-December (pending frac crew availability) with completion operations planned to be completed in early 2013.
The Hoskins #4H is the next planned Eagle Ford well to be drilled after the Hoskins #3H. This well is planned for a lateral length of 7,420 ft.
The attached map shows the wells surface and bottom hole locations.
- ends

Current oil and gas futures prices:

Source: NYMEX January 2013

Oil: US$86.60/bbl

Gas: US$3.71mmbtu (this translates to approx. US$6.00/mcf for

Texon gas)

2

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)

ft: feet

mcf: thousand cubic feet

mcfg: thousand cubic feet of gas mmbtu: million British thermal units WI: Working Interest

distributed by