First Eagle Ford Well Update

20 December 2010

RNS AIM release

Global Petroleum Limited - First Eagle Ford Well - 1,200 BOPD

Texon Petroleum Ltd (ASX: TXN) has advised that the first Eagle Ford well, Tyler Ranch EFS #1H, has flowed 1,267 boepd representing 1,202 bpd of light sweet crude oil and 782 mcfpd of gas with a flowing tubing pressure of 2,610 psi on a 16/64" choke. Some of the frac fluid is also still being recovered.

Global has a 7.939% working interest in the well and a beneficial interest (NRI) in the production of 5.95% or some 75 boepd of the above production.

The Company's share of oil and gas being produced from the well is now part of Global's revenue stream.

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 already has an interest in 7 producing Olmos wells.

Glossary:

bbl: barrel

boepd: barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 12 mcf to 1 barrel of oil equivalent)

bopd: barrels of oil per day

mcf: thousand cubic feet

mcfgpd: thousand cubic feet of gas per day

mmbtu: million British thermal units

NRI: Net Revenue Interest

psi: pounds per square inch

Enquiries: