First Eagle Ford Well Update

RNS Number : 2569Y

Global Petroleum Ltd

20 December 2010

 



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:

Global Petroleum Limited
Clint McGhie	Tel	+ 61 8 9322 6322
	Email	[e-mail]
Northland Capital Partners Limited (Nominated Adviser and Broker)
William Vandyk	Tel	[phone]

 

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