Texon Petroleum Limited : Fifth Eagle Ford Well
04/19/2012| 03:10pm US/Eastern
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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
Website:
www.texonpetroleum.com.au
ASX Code: TXN
Fifth Eagle Ford Well
Texon advises that the Company's fifth Eagle Ford well (a
lease commitment well) is scheduled to commence drilling by
the end of April. It is expected that the well will take 45
days to drill with fraccing and completion for production to
follow.
Texon will have a 82.2% WI (61.6% NRI) in the well.
Clifford S. Foss, President of Texon Petroleum said "Texon is
pleased to announce the commencement of its fifth Eagle Ford
well (Peeler 1H) on our 7,196 net WI Eagle Ford acres in
McMullen County, Texas. We are currently building location
and expect to initiate drilling activity in late April 2012.
The fifth Eagle Ford well is located immediately adjacent to
Texon's number three Eagle Ford well (Tyler Ranch 2H) which
is Texon's most prolific Eagle Ford producing well with an
estimated ultimate recoverable reserve of 550-600MBOE. We are
extremely excited to commence our 2012 Eagle Ford drilling
program with this new well".
-ends
Current oil and gas futures prices:
Source: NYMEX May 2012
Oil: US$102.77/bbl
Gas: US$1.95/mmbtu (this translates to approx. US$3.20/mcf
for all Texon gas - including US$3.70/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
mboe: thousand 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
WI: Working Interest
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