Texon Reaches TD at Eagle Ford Well

Texon has advised that the latest Eagle Ford well, Tyler Ranch EFS #2H, has reached its total depth of 15,767 feet after successfully drilling 4,500' of horizontal well in the Eagle Ford reservoir. This is the second well targeting the Eagle Ford reservoir in which Global has a 7.939% working interest (5.95% net revenue interest).

Oil and gas shows recorded throughout the 4,500' are in line with the oil and gas shows in the nearby first Eagle Ford well, Tyler Ranch EFS #1H, which had an initial test rate of 1,267 boepd in December last year and has been in production since that time.

Tyler Ranch EFS #2 has been cased and suspended for fracking, testing and production. This work is scheduled for mid August with first oil and gas production forecast for early September.

Global has a 7.939% working interest in approximately 1,651 acres beneath the Olmos formation including the Eagle Ford Shale. Global's interest in the Leighton prospect also includes a 15% working interest in approximately 873 acres from the surface down to the stratigraphic equivalent of the Olmos formation. Global has an interest in 8 producing Olmos wells, with a ninth well due to commence production following fracture stimulation in August.