ASX Announcement

Date: 24 August 2011

Texon Petroleum LtdABN 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 David Mason Bernard RowleyCompany Secretary:

Des Olling

Contact: David Mason President & CEO

dave.mason@texonpetroleum.com.au

or:

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

Website:

www.texonpetroleum.com.au

ASX Code: TXN

Fourth 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 gas

Glossary:

bbl: barrel

mcf: thousand cubic feet

mmbtu: million British thermal units

NRI: Nett revenue interest

WI: Working interest

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LOCATION OF EAGLE FORD WELLS