ASX Announcement
Date: 13 March 2012
Texon Petroleum Ltd ABN 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 0133
Directors: John Armstrong David Mason Bernard Rowley Company Secretary:Des Olling
Contact: Cliff Foss President & CEOcfoss@texozep.com
or:
John Armstrong Chairman john.armstrong@texonpetroleum.com.au
Website: ASX Code: TXNReserves Up 90%
At year end 2011, Reserves attributable to Texon's NRI are as in the following table:
mmboe Proved Probable Possible Total | ||||
Eagle Ford | 1.54 | 3.32 | 6.47 | 11.33 |
Other (incl Olmos) | 0.93 | 0.57 | 0.05 | 1.55 |
Totals: | 2.47 | 3.89 | 6.52 | 12.88 |
The total of 12.88 mmboe is a 90% increase on the 6.698 mmboe
at year end 2010.
Texon's year end 2011 Proved, Probable and Possible Eagle
Ford reserves are 11.33 mmboe, an increase of 125% compared
with year end 2010.
Since year end 2011 - per the Company's announcement on
8th March, the Olmos ("Other" in the above
table) reserves have been sold.
The year end 2011 Reserves in the Eagle Ford have been
assessed by Netherland, Sewell & Associates, Inc. For the
Other Reserves, the year end 2011 reserves are taken to be
the 2010 year end reserves (determined by Delilah B. Hainey
of Hainey and Hainey, a reservoir consultant to the Company)
less production in 2011.
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Netherland, Sewell & Associates, Inc and Delilah B Hainey are
qualified in accordance with ASX Listing Rule 5.11.
Netherland, Sewell & Associates, Inc has consented to the
form and context of the Eagle Ford reserves shown in this
report.
-ends
Source: NYMEX April 2012
Oil: US$106.51/bbl
Gas: US$2.27/mmbtu (this translates to approx. US$3.80/mcf for all Texon gas - including US$4.30/mcf for Olmos and Eagle Ford gas)
Glossary:bbl: barrel
boe: barrels of oil equivalent (including gas converted to oil equiv barrels on basis of 6mcf to 1barrel of oil equiv)
mcf: thousand cubic feet
mmboe: million barrels of oil equivalent (including gas converted to oil equiv barrels on basis of 6mcf to 1 barrel of oil equiv)
mmbtu: million British thermal units
NRI: Net Revenue Interest