Black Swan to Spud Thai Well This Week

Texhoma Energy reports that Black Swan Petroleum is scheduled to spud the Hong Fah well offshore Thailand this week using Transocean's jackup, Trident XVI.

Texhoma is a 40% shareholder in Black Swan Petroleum Pty Ltd, which holds a 100% interest in exploration concession B7/38, offshore Thailand. BSP has received the Trident XVI on Saturday, February 26, 2005.

After a short inspection, the rig will be towed to the first of two locations to drill an appraisal well on the Hong Fah prospect commencing on or about March 3, 2005. The Hong Fah well-A01 drilled by Shell in 1991 encountered approximately 100 meters of gross pay in the "140"-objective but was not within closure for the shallower "120"-reservoir. BSP's geological and engineering staff designed the Hong Fah-B01 well to appraise the "140"- reservoir and test the "120"-objective in an optimum location, based on 3-D seismic-data.

Following the drilling of Hong Fah-B01 well, which is expected to take approximately 16 days, Texhoma may undertake a test program prior to the rig being moved to the second drilling location in the latter half of March.