Black Swan Spuds Thai Well

Texhoma Energy reports that the drilling of the Hong Fah-B01 well in Thailand has started.

Texhoma has a 40% interest in the petroleum concession offshore Thailand, referred to as Block B7/38 through its shareholding in Black Swan Petroleum Pty Ltd, ("BSP"). The other participants are International PetroReal Oil Corporation with 40%, and Maxim Resources, Inc. with 20%.

The Operations Manager for BSP, Mr. Simon Zoller, reports from the drilling rig this morning that 9-5/8"-casing has been set at 336 meters depth as planned. Preparations are being made to commence the drilling of the 8-1/2" section of the well. Operations are ahead of schedule and under budget.

Indications of hydrocarbons are not expected until prospective horizons in the well are penetrated at the 1,200 meters level or deeper ("120"-reservoir), approximately 6-7 days drilling. The well's primary target is the "140"- reservoir, which exhibited 100 meters of gross hydrocarbon pay in the Hong Fah-A01 well drilled by Shell in 1991, at an expected depth of 2,200 meters. Total depth of the well is planned for 2,500 meters.