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MENAFN - ProactiveInvestors - Australia - 20/06/2012

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(MENAFN - ProactiveInvestors - Australia) Texon Petroleum (ASX: TXN) still expects its fifth Eagle Ford well in Texas to start producing oil and gas in July.

Fracture stimulation of Peeler EFS-1H is scheduled to begin on July 10 in the 4200 feet horizontal section in the Eagle Ford.

The well will then be tested and is expected to come on stream by the end of July.

Peeler EFS-1H was drilled to a total depth of 14,795 feet and had encountered good oil and gas shows in line with Texon's third and fourth Texon wells.

It is located to Texon's most prolific Eagle Ford producing well Tyler Ranch-2H, which had produced at an initial rate of 1488 barrels of oil and 700,000 cubic feet of gas per day.

Ultimate recoveries at Tyler Ranch-2H are expected to be between 550,000 and 600,000 barrels of oil equivalent.

Texon has an 89.24% WI (66.88% NRI) in the well.

 






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