Texon Hopeful at Tyler Ranch #1 Well, Logs Indicate Hydrocarbons

Texon Petroleum Ltd advises that drilling of the second Leighton oil and gas well, Tyler Ranch #1 onshore Texas, has reached a total depth of 2,743 meters (9,000 feet) after intersecting the target sand. Wire line electric logs indicate a potential oil and gas bearing formation at 2,696 meters (8,845 feet) with a thickness of 10 meters (34 feet). This is slightly thicker than the oil and gas bearing interval (7.5m (25ft)) in the first Leighton well, Peeler #1.

Production casing will now be run in preparation for testing this zone in the next two to four weeks with separate testing equipment. The Company has begun to source production equipment so that if this test is successful, the well can be placed on production as soon as possible after testing has been concluded. Texon has a 70% working interest (52.5% net revenue interest) in the well; Global Petroleum Limited holds 15%; and Excellong Inc. holds the remaining 15%.