ASX Announcement
Date: 24 August 2011
Texon Petroleum LtdABN 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 0133Directors: John Armstrong David Mason Bernard RowleyCompany Secretary:Des Olling
Contact: David Mason President & CEOdave.mason@texonpetroleum.com.au
or: John Armstrong Chairman john.armstrong@texonpetroleum.com.auWebsite:www.texonpetroleum.com.au
ASX Code: TXNFourth Eagle Ford Well
Total Depth Reached
Texon’s fourth Eagle Ford well (Hoskins EFS #1H) has reached its total depth of 16,400’ after drilling a horizontal section of 4,800 feet in the Eagle Ford with good oil and gas shows throughout the horizontal section.
Casing will now be run and the well suspended. The Eagle Ford fracture stimulation programme is scheduled for October.
The location of the Hoskins EFS #1H well is shown on the
attached map.
Texon has a 100% WI in the cost of the well and a 71.25% NRI in the production.
-ends
Oil and gas futures prices:Source: NYMEX Sept 2011
Oil: US$85.67/bbl Gas: US$4.00/mmbtu (this translates to approx. US$6.60/mcf for all Texon gas – including US$7.60/mcf for Olmos and Eagle Ford gasGlossary:bbl: barrel
mcf: thousand cubic feet mmbtu: million British thermal units NRI: Nett revenue interest WI: Working interestPage -2-
LOCATION OF EAGLE FORD WELLS