Texon Reaches TD at Leighton Olmos Well

Texon Petroleum has advised that the latest Leighton Olmos vertical production well, Peeler #3, has reached its total vertical depth of 2,774 meters (9,100 feet). This is the ninth well targeting the Olmos reservoir in which Global has a 15% working interest (11.25% net revenue interest).

Peeler #3 is the northern most well drilled to date in the Leighton field. The targeted Olmos sand in Peeler #3 has reservoir characteristics similar to the other Olmos production wells.

Production casing has been installed in the well in preparation for fracture stimulation in August. The well will then be connected for oil and gas production.

The closest three Olmos production wells, Peelers #1 and #2 and Tyler Ranch #5 tested at initial rates of 170-445 boepd, including 80% oil, although as production progresses the proportion of gas increases.

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