Texon Petroleum Limited : Remaining Unlisted Options and Appendix 3B

ASX Announcement

Date: 19 April 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: Cliff Foss President & CEO

cfoss@texozep.com

or:

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

Remaining Unlisted Options

Further to yesterday's announcement regarding the exercise of 2,500,000 options, the remaining outstanding options noted was incorrect.

There remains 10,700,000 options to be exercised:

Total issued shares of the Company are now 245,039,848. Des Olling

Company Secretary

-ends

Website:

www.texonpetroleum.com.au

ASX Code: TXN

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

ABN

24 119 737 772

We (the entity) give ASX the following information.

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of +securities issued or to
be issued Fully paid ordinary shares
2 Number of +securities issued or to be issued (if known) or maximum number which may be issued

2,500,000

3 Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid

+securities, the amount outstanding and due dates for payment; if +convertible

securities, the conversion price and dates for conversion)

Fully paid ordinary shares

4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?
If the additional securities do not rank equally, please state:
• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

Yes

5 Issue price or consideration 50 cents per share
6 Purpose of the issue
(If issued as consideration for the
acquisition of assets, clearly identify those assets)

Exercise of unlisted options

7 Dates of entering +securities into uncertificated holdings or despatch of certificates

Between 12 April and 17 April 2012

8 Number and +class of all
+securities quoted on ASX (including the securities in clause
2 if applicable)
9 Number and +class of all
+securities not quoted on ASX (including the securities in clause
2 if applicable)
10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Directors do not consider that the payment of a dividend is appropriate at this period in the Company's development.

11 Is security holder approval required?
12 Is the issue renounceable or non