Global Petroleum Regulatory News (GBP)

22 July 2011

RNS AIM release

Global Petroleum Limited - Second Eagle Ford Well - Tyler Ranch EFS #2H

Texon Petroleum Ltd (ASX: TXN) has advised that the latest Eagle Ford well, Tyler Ranch EFS #2H, has reached its total depth of 15,767 feet after successfully drilling 4,500' of horizontal well in the Eagle Ford reservoir. This is the second well targeting the Eagle Ford reservoir in which Global has a 7.939% working interest (5.95% net revenue interest).

Oil and gas shows recorded throughout the 4,500' are in line with the oil and gas shows in the nearby first Eagle Ford well, Tyler Ranch EFS #1H, which had an initial test rate of 1,267 boepd in December last year and has been in production since that time.

Tyler Ranch EFS #2 has been cased and suspended for fraccing, testing and production. This work is scheduled for mid August with first oil and gas production forecast for early September.

Global has a 7.939% working interest in approximately 1,651 acres beneath the Olmos formation including the Eagle Ford Shale. Global's interest in the Leighton prospect also includes a 15% working interest in approximately 873 acres from the surface down to the stratigraphic equivalent of the Olmos formation. Global has an interest in 8 producing Olmos wells, with a ninth well due to commence production following fracture stimulation in August.

Enquiries:

Glossary:

bbl: barrel

bo: barrels of oil

boe: barrels of oil equivalent

boepd: barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 6 mcf to 1 barrel of oil equivalent)

bopd: barrels of oil per day

mcf: thousand cubic feet

mcfg: thousand cubic feet of gas

mmcfg: million cubic feet of gas

mcfgpd: thousand cubic feet of gas per day

mmbtu: million British thermal units

NRI: Net Revenue Interest