Texon Petroleum Ltd (ASX:TXN) Wilcox Increased Oil Flow - Now 55 bopd

Brisbane, Jan 11, 2012 AEST (ABN Newswire) - At the time of Texon Petroleum Ltd's (ASX:TXN) release yesterday, it was thought that production from its first Wilcox well (Hoskins No. 2 (Wilcox)) had stabilized. However, the well has improved and over the following 24 hours flowed at 55 bopd.

Texon has a 95% WI (71.25% NRI) in the well.

Using this initial rate and forecast production including an assumed natural decline, then payout of Texon's investment in the well is estimated to be in 6-12 months.

See also Texon's Wilcox announcement on 10th January 2012 which contains a map showing the location of the well:
http://media.abnnewswire.net/media/en/docs/ASX-TXN-238814.pdf

Contact

Cliff Foss President & CEO Email: cfoss@texozep.com John Armstrong Chairman Email: john.armstrong@texonpetroleum.com.au http://www.texonpetroleum.com.au