Texon Turns on Taps at Leighton Project

Texon has advised that that the sixth well on the Leighton Project, Tyler Ranch #5, has begun to flow oil and gas at the gross rate of 445 boepd from the Olmos reservoir (comprising 420 bopd and 150 mcf of gas per day) through a 8/64" choke. 

The combined production rate of the five (5) existing Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2, Tyler Ranch #3 and Tyler Ranch # 4) at this time is a gross 460 boepd with Global's Working Interest share being 69 boepd. 

Tyler Ranch #5 has been connected to oil tanks and a gas sales pipeline so that Global will now begin to obtain revenue from the production. The time from well spud to revenue earning production has been 22 days. 

Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited and Excellong, Inc.