Texon Petroleum Limited (ASX:TXN) Releases First Eagle Ford Well 45 Day Result.
With a Henry Hub gas price of US$4.50/mmbtu, the Company receives approximately US$7.60/mcf due to the high heating value of the Eagle Ford gas and the presence of natural gas liquids providing a valuable uplift in revenue in addition to the oil revenue.
Texon's working interest in the well is 82%. Texon's beneficial interest (NRI) in the 45 day production is 61.6% or some 403 boepd.
Oil and gas futures prices (Source: NYMEX February 2011 contracts)
- Oil: US$91.54/bbl
- Gas: US$4.50/mmbtu (approx. US$6.3/mcf for all Texon gas - including US$7.60/mcf for Olmos and Eagle Ford gas which make up 65% of Texon's gas production)
About Texon Petroleum Ltd:
Texon Petroleum Limited's (ASX:TXN) goal is to find commercially producible oil and gas by drilling 3D seismic controlled high equity prospects which have targets analogous to adjacent producing wells on established oil and gas producing trends in Texas.
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|Date:||Jan 31, 2011|
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