Texon Petroleum Ltd

Texon Petroleum Ltd (ASX:TXN) is pleased to provide the June 2012 Quarterly Report and App 5B.

Texon Petroleum Ltd (ASX:TXN) advises that its fifth Eagle Ford well (Peeler EFS #1H) has tested at the rates of 1,072 bopd and 1.137 mmcfgpd (1,262 boepd) on an 18/64" choke at a flowing pressure of 2,794 psi.

Texon Petroleum Ltd (ASX:TXN) Investor Update: Eagle Ford Transaction Progress. In February, the Company announced that it had appointed Houston based Albrecht & Associates, Inc. and Brisbane based RBS Morgans Limited with the intention to either fully or partially monetize the Company's Eagle Ford to achieve the optimal outcome for shareholders. In the Chairman's March 2012 letter, there is reference to a target completion date of mid-2012.

Texon Petroleum Ltd (ASX:TXN) advises that its fifth Eagle Ford well, Peeler EFS #1H (a lease commitment well), is on schedule to begin its fraccing operation on July 10th. The well reached its total depth of 14,795 feet 2-3 weeks ago after drilling 4,200 feet of horizontal Eagle Ford section with good oil and gas shows.

Texon Petroleum (ASX:TXN) advises that its recently drilled Mosman-Rockingham Olmos well (Wheeler #1) has begun to flow oil and gas at the rate of 220 boepd comprising 87% oil (193 bopd) and 160 mcf of gas per day (27 boepd).

The attached presentation provides an update of Texon Petroleum Limited's (ASX:TXN) projects and will be presented to the Annual General Meeting today. It was prepared by Mr Clifford S. Foss Jr who was appointed CEO of Texon in December last year and who brings extensive and successful Texas Gulf Coast experience to the Company.

Texon Petroleum Ltd (ASX:TXN) advises that its fifth Eagle Ford well, Peeler EFS #1H (a lease commitment well), has reached its total depth of 14,795 feet, after drilling some 4,200 feet of horizontal section.

On the 22nd of May, Texon Petroleum Ltd (ASX:TXN) announced that the logs in the Wheeler #1 Olmos well indicated 23 feet of pay with good porosity and oil and gas shows. Texon advises that the well is now scheduled to be fracced about the 6th-10th of June.

Texon Petroleum Limited's (ASX:TXN) Wheeler #1 well has reached its total depth of 9,200 feet and electric logs indicate 23' of net pay.

Texon Petroleum Ltd's (ASX:TXN) fifth Eagle Ford well, Peeler EFS #1H (a lease commitment well), is drilling at a depth of 7,035 feet in the vertical part of the well, prior to drilling the horizontal section of the well.