Texon advised that the sixth Leighton well, Tyler Ranch #5, commenced drilling on April 7, 2010. The well has a planned total depth of 2,743 meters (9,000 feet) and will take about 12-15 days to drill. The well will penetrate the Olmos reservoir at approximately 2,676 meters (8,780 feet), which is the same oil and gas reservoir as is producing in the first five Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2 , Tyler Ranch #3 and Tyler Ranch #4). Tyler Ranch #5 is located 335 meters north of Tyler Ranch #2.
If the wire line electric logs indicate producible oil and gas in the Olmos reservoir, the well will be completed as the Company's sixth oil and gas producer from this zone in the Leighton Project. Texon has a 70% working interest (52.5% net revenue interest) in the Leighton Project with joint venture parties Global Petroleum Limited (15%) and Excellong, Inc (15%).
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