Texhoma Energy Updates Progress of Thai Well

BSP has reported that the Hong Fah-B01 well has reached a depth of 1,730 meters and that the "120" and "130"-reservoir section were intersected. The "120"-reservoir was concluded to be water-saturated. The "130"-reservoir had gas shows around 1,660 meters over a 5 meter thick section; however, the section was considered too tight and non-productive with low porosity. These secondary targets have now been cemented-off and a new well-bore was started at the 1,000 m level to target the "140"-reservoir at about 2,500 m. The re-drill of the 1,000 to 1,730 meter section was planned to avoid high drilling-angles which would have been otherwise necessary. The well was drilling this morning at a rate of 40 meters/hr and is expected to reach the main target by Sunday or Monday March 14.

Texhoma Energy has a 40%-interest in Block B7/38 through its 40% shareholding in Black Swan Petroleum Pty. Ltd.. The other participants are International PetroReal Oil Corporation (40%) and Maxim Resources Inc (20%).