Texon Boosts Reserves at Leighton Prospect by 40%
Texon's independent reserves engineer (H.J. Gruy and Associates, Inc.), after reviewing the results of the Company's first two Leighton wells (Peeler #1 and Tyler Ranch #1), has increased the number of Proved Undeveloped ("PUD") and Probable Well Locations in the Leighton oil and gas field to 12 and 6 respectively.
The Company's 2008 Year End reserves were based on Peeler #1 and five (5) Proved Undeveloped well locations.
After allowing for wells which have ceased production and actual production in the first half of 2009, and the 12 PUD Leighton locations (without including the Gruy certified but less certain Probable locations), the Company's reserves at mid year 2009 are estimated to be slightly more than 1.0mmboe - an increase of about 40%.
The 6 Leighton Probable locations could represent a further 450,000 boe to the Company.