Texon's first well (Mosman-Rockingham #1) on its Mosman-Rockingham project, reached a total depth of 3,466 meters (11,370 feet) on March 29, 2010, after intersecting oil and gas shows in the Olmos and Eagle Ford Shale reservoirs.
There are 157ft of Olmos and Eagle Ford Shale in the well.
Wire line logs have been analyzed by Oil & Gas Evaluations and Consulting, LLC (Olmos) and by NuTech Energy Alliance (Eagle Ford / Buda).
MR#1 is a very important well for Texon. Confirmation of the Olmos and Eagle Ford Shale at MR#1 indicates the likely presence of both reservoirs across the Mosman-Rockingham leases where the Company holds an overall average 96.6% Working Interest (71.45% net revenue interest).
Combined potential to Texon of the Olmos and the Eagle Ford Shale in Mosman-Rockingham at this working interest is some 42.2mmboe.
The Olmos in MR#1 is similar in thickness to the five (5) Leighton wells which are producing from the Olmos. Production casing will now be run in MR#1 prior to fracture stimulating the Olmos in the next two (2) weeks after which the well will be placed on production.
Olmos potential in our Mosman-Rockingham Project is estimated to be some 6.6 mmboe as to the Company's current average working interest of 96.6% (in the 50% of our Mosman-Rockingham leases where the Olmos is predicted to be present).
Eagle Ford Shale
The Eagle Ford in MR#1 is the same thickness as at Tyler Ranch #4 ("TR#4) with similar porosity, permeability, total organic carbon, and gas saturation. Like the Eagle Ford in TR#4, a high percentage of the Eagle Ford Shale in MR#1 is limestone suggesting that the rock should respond well to fracture stimulation.
Eagle Ford Shale potential in our Mosman-Rockingham Project is estimated to be 35.6 mmboe as to the Company current average working interest of 96.6% in the Mosman-Rockingham leases.
There are deeper targets which remain to be drilled below the Eagle Ford at Mosman-Rockingham (and indeed below Leighton also) - and which will be investigated in later wells.
These are the Edwards Limestone which had 27ft of pay in Tyler Ranch #4 at Leighton; and which is oil and gas productive from wells in the vicinity of Leighton-Mosman-Rockingham; and the Pearsall Shale (below the Edwards) which has produced gas at rates up to 6mmcfgpd from wells in other counties.
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