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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