Texon Petroleum Limited : Texon's Sixth Eagle Ford Well - 2,007 boepd

ASX Announcement

Date: 15 January 2013

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

or:

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

www.texonpetroleum.com.au

Texon's Sixth Eagle Ford Well

- 2,007 boepd

The Texon-Hoskins 3H (Texon's 6th Eagle Ford well) has tested at rates of 1,751 bopd and 1,537 mcfgpd (2,007 boepd) on a 22/64" choke with flowing tubing pressure of 3201 psi. The well spudded on 21 October 2012 and drilled to 17,156' MD (11,267' TVD) total depth. It was fracced with 24 stages - a correction from the previously announced 22 stages.
Texon's 7th Eagle Ford well (Texon-Quintanilla SMEF 1H) has been successfully fracced with 19 stages and will begin flow back operations later this week. This well is Texon's first joint venture well drilled in a project where Texon joined with offset lease owners to more efficiently develop acreage held by Texon and other parties.
Texon's 8th EF well (Texon-Hoskins 4H) will be fracced during the first part of February and is anticipated to be flow tested in late February or early March.
Clifford Foss, President of Texon said "we are pleased to announce that the Hoskins 3H tested at over 2,000 boepd which is a first for Texon, but just as importantly we drilled and completed the well for under US$9mm , again a first for Texon. The Hoskins 3H and the Quintanilla SMEF 1H should both add to Texon's growing production volume by February and the Hoskins 4H should begin to contribute production late February-early March."
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Source: NYMEX February 2013

Oil: US$92.97/bbl

Gas: US$3.39mmbtu (this translates to approx. US$5.50/mcf for Texon gas)

bbl: barrel

bopd: barrels of oil per day ft: feet

mcf: thousand cubic feet

mcfgpd: thousand cubic feet of gas per day md: measured depth

mmbtu: million British thermal units psi: Pounds per square inch SMEF: San Miguel Eagle Ford TVD: True vertical depth

WI: Working Interest

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