Texhoma to Commence Drilling in Clovelly South

Clovelly South
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In February Texhoma Energy increased its working interest in the "Clovelly South"-prospect to 11%. Texhoma has now been informed by the Operator of Clovelly that a rig has been contracted and that drilling will commence before August 15, 2006 at the latest.

The prospect is located in Lafourche Parish, Louisiana and operated by ORX Resources, Inc. It is adjacent to the Clovelly Field, which has produced approximately 35 million barrels of oil and 200 billion cubic feet of gas since its discovery in the 1950s. The drilling targets are two reservoirs at a depth of approximately 14,000 feet. The prospective size is estimated at over 3.5 million barrels. In the event of a discovery, facilities for the production of the well are available. A discovery could lead to the drilling of several development wells on the 1260 acre property.

Grey Wolf Rig 611 has been contracted on a turnkey basis to drill the Allain LeBreton No. 2 well, which is estimated to take approximately 40 days to drill and log.


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