Texon Petroleum Ltd

The Texon Petroleum Ltd (ASX:TXN) Wheeler #1 well has reached a depth of 7,604 feet. The proposed total vertical depth of 9,200 feet is expected to be reached early next week at which time logs will be run. If productive oil pay is indicated, the well will be cased in readiness for fraccing and testing operations.

Texon Petroleum Ltd's (ASX:TXN) fifth Eagle Ford well, Peeler EFS #1H (a lease commitment well), began drilling operations on 6 May 2012. The well is expected to take 25 days to reach its total depth after drilling 4,200 feet of horizontal section. The well will then be cased, fracced and connected for production.

Texon Petroleum Ltd (ASX:TXN) advises that the Wheeler #1 well began drilling operations on 6 May 2012 toward a proposed vertical depth of 9,200'. The well is expected to take 20 days to reach its total depth.

Texon Petroleum Ltd (ASX:TXN) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.

The directors present their report together with the financial report of Texon Petroleum Ltd (ASX:TXN) and of the Group, being the Company and its subsidiaries, for the financial year ended 31 December 2011 and the auditor's report thereon.

Texon Petroleum Ltd (ASX:TXN) advises that the Company's fifth Eagle Ford well (a lease commitment well) is scheduled to commence drilling by the end of April. It is expected that the well will take 45 days to drill with fraccing and completion for production to follow.

In the Texon Petroleum Ltd (ASX:TXN) Chairman's letter to shareholder's dated 15 March 2012 there was reference to the review of newly acquired 3D seismic which would aid an understanding of the Olmos oil reservoir potential of the Company's Mosman-Rockingham leases.

Texon Petroleum Ltd (ASX:TXN) announce the Financial Report for the year ending December 31, 2011. The Company?s beneficial production for the year was 295.0 mboe (2010: 145.3 mboe). The rate of production increased by 103% from 398boepd to 808boepd. During the year there were 20 producing wells including four Eagle Ford wells.

Texon Petroleum Ltd (ASX:TXN) - The following letter to shareholders provides an update of the Company's projects and will be distributed to shareholders on 15 March 2012.

Texon Petroleum Ltd's (ASX:TXN) (PINK:TEXOF) year end 2011 Proved, Probable and Possible Eagle Ford reserves are 11.33 mmboe, an increase of 125% compared with year end 2010.