Texon Petroleum Limited (ASX:TXN) advises that Tyler Ranch #5 ("TR#5") has reached its total depth of 2,743 metres (9,000 feet). It is now planned to run production casing in the well after which the well will be fracture stimulated (in the next 10-14 days) and then the well will be connected for oil and gas production.

The Australian stock market has opened stronger led by financial shares, as Wall Street rebounded after investors reassessed the potential effects of the fraud case against Goldman Sachs. The benchmark S&P/ASX200 index and the broader All Ordinaries index both were up 0.5 per cent in early trade.

The Australian stock market opened in negative territory this morning following Wall Street's plunge on Friday. Asian markets also fell sharply Friday. Japan's Nikkei lost 1.5 per cent on stronger yen, while China's Shanghai Composite and Hong Kong's Hang Seng Index lost 1.1 per cent and 1.3 per cent respectively, due to Chinese government's further move to restrict speculative property investments.

Australian shares were stronger in early trade Thursday as resources sector were boosted by expectations of a batch of positive economic data from China. The benchmark ASX200 index rose to above 5000-point territory for the first time in 19 months, following the recent rebound of the broader All Ordinaries share index. Asian markets broadly were higher today with Japan's Nikkei opened up 0.9 per cent.

Asian shares are set for a weak start on Monday after US markets fell on lower commodities prices and Greek debt concerns. Japanese market today is closed for Vernal Equinox Day. Most Asian markets gained on Friday. Japan's Nikkei index rose 0.8 per cent while weakness in yen boosted exporters. China's Shanghai Composite was also higher, with Alunimium Corp of China surged 10 per cent on Friday. Hong Kong's Hang Seng Index was up 0.2 per cent and South Korea's Kospi climbed 0.7 per cent.

Texon Petroleum Limited (ASX:TXN) 2009 year end proved and probable reserves are respectively 1.9 mmboe and 1.1 mmboe - a total of 3.0 mmboe as to the Company's current working interests. From mid year 2009, this is an increase of 40% and from year end 2008, the increase is 200%.

Australian shares and Asian markets Friday were down on the US Federal Reserve's decision to raise the discount rate for the first time since the financial crisis. NAB's flat cash earnings result also weighed on the Australian shares. At the close, the benchmark S&P/ASX200 index declined 19.8 points, or 0.4 per cent, at 4635.1, while the broader All Ordinaries index slid 17.6 points, or 0.4 per cent, to 4656.3. The local market gained 2 per cent for the week.

The Australian sharemarket closed higher Tuesday. Financial stocks were boosted as Westpac's strong earnings result provided a positive sign for the banking sector and Australia's economy. The benchmark S&P/ASX200 index was up 22.3 points, or 0.5 per cent, at 4567.8, while the broader All Ordinaries index gained 20.4 points, or 0.4 per cent, to 4590.8.

Australian shares dropped on Monday as investors were nervous ahead of the EU meeting over Greek debt. Trading was quiet in local market while most Asian bourses were closed for Lunar New Year on Monday, Wall Street also closed because of a public holiday. At the close, the benchmark S&P/ASX200 index fell 16.6 points, or 0.4 per cent, at 4545.5, while the broader All Ordinaries index shed 18.4 points, or 0.4 per cent, to 4570.4.

Australian shares gave up early gains after disappointing trade numbers from China raised concerns that Chinese economy is cooling. The market closed slightly higher as earnings reports from market heavyweights BHP Billiton and Commonwealth Bank helped the rise. At the close, the benchmark S&P/ASX200 index was 8.3 points higher, or 0.2 per cent, at 4513.4. The broader All Ordinaries index rose 12.3 points, or 0.3 per cent, to 4533.