Texon Petroleum Limited : Eagle Ford - Now 7,200 Acres

ASX Announcement

Date: 6 January 2012

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

Des Olling

cfoss@texozep.com

or:

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

www.texonpetroleum.com.au

Eagle Ford - Now 7,200 Acres

Texon advises that it has acquired a further 480 acres of Eagle Ford leases. Location of the leases is shown on the attached map.
This takes Texon's Working Interest Eagle Ford holdings to
7,200 acres out of a gross 7,700 acres.
The new leases are in close proximity to the Company's existing leases. On an 80 acre per well basis, the Company now has some 90 potential Eagle Ford well locations, including the four (4) Eagle Ford wells already drilled.
Texon has an overall 93.5% Working Interest in its Eagle
Ford leases.
Texon's Eagle Ford wells produce 90% oil and gas liquids and 10% gas. The re-engineered No. 3 and 4 wells have produced 28% and 14% more oil in their first 60 days production, compared with Texon's first Eagle Ford well. The initial rates from these three wells averaged 1,500 boepd and their combined 60 day average was 685 boepd.
The results for these wells were most recently reported in the
Company's releases of 28th November and 15th December
2011.
Texon has a sound lease position in the highly oil productive part of the Eagle Ford trend and is now considering how to realize the value of the Company's Eagle Ford holdings.

Source: NYMEX February 2012

Oil: US$101.44/bbl

Gas: US$2.97/mmbtu (this translates to approx. US$4.90/mcf for all

Texon gas - including US$5.60/mcf for Olmos and Eagle Ford gas

2

bbl: barrel

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

mmbtu: million British thermal units

NRI: Nett Revenue Interest

WI: Working Interest

distribué par	Ce noodl a été diffusé par Texon Petroleum Ltd. et initialement mise en ligne sur le site http://www.texonpetroleum.com.au. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-06 11:26:43 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité.
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