Texon Secures Rig for Tyler Ranch

Texon has secured a rig for Tyler Ranch EFS #2H, the second Eagle Ford horizontal well in which Global Petroleum Limited ("Global") has an interest.

Tyler Ranch EFS #2H is located immediately north of the first Eagle Ford well ("Tyler Ranch EFS #1H"). The first Eagle Ford well had an initial production rate of 1,200 bopd and has produced 51,719 bo and 66.9 mmcfg or 62,866 boe in the past 120 days. Tyler Ranch EFS #2H is expected to begin drilling in mid May and take 30 days to drill.

Global has a 7.939% working interest (5.95% NRI) in Tyler Ranch EFS #1H and Tyler Ranch EFS #2H. A successful Eagle Ford well will be able to use the tanks and other production facilities already in place for the first Eagle Ford well.

The fraccing and testing for Tyler Ranch EFS #2H is scheduled for August.