Global Petroleum - Texon Petroleum Well Results Improving

Global Petroleum and Texon Petroleum's second Eagle Ford well shows a 24% production improvement over the first. The McMullen County well averaged 732 boe/d (89% liquids) over the first 60 days.

The company today relayed a statement from project operator Texon Petroleum (ASX:TXN), which said the Tyler Ranch EFS No.2H well produced 38,677 barrels of oil and 31.33 million cubic feet of gas over 60 days.

The average daily production rate from the well reached 732 barrels of oil equivalent per day (boepd).

Texon has also corrected previously reported production figures for the well for the first 30 days, saying that average output rate from Tyler Ranch EFS No.2H was 817 boepd and the mistake occurred due to a faulty oil meter.

Read more at proactiveinvestors.co.uk

Texon Tests Good Eagle Ford Well - McMullen County TX

Texon Petroleum released results from its latest McMullen County Eagle Ford well. The well tested at over 1,600 boepd at a pressure of more than 3,000 psi. Texon didn't disclose if that was a full 24 hr test or not. This well was completed with 17 frack stages compared to 15 in Texon's first two wells.

Texon announces that its third Eagle Ford well (Tyler Ranch EFS #2H) has tested oil and gas at the rates of 1,488 bopd and 700 mcfgpd (combined 1,605 boepd (6)) through a 16/64” choke at a flowing tubing pressure of 3,000 psi.

The well is located just to the north of the Company’s first Eagle Ford Well (Tyler Ranch EFS #1H) - please refer to the attached map. The test rate from the third well is more than the 1,200 bopd initial rate from Texon’s first EF well through the same sized choke.

The third well also has a higher flowing pressure which indicates the well may perform better than the first well.

Global Petroleum - Texon Testing 17 Fracks in McMullen County

Global Petroleum announced more details on Texon's lastest wells in the Eagle Ford. What is Texon's third well was completed with 17 frack stages instead of the 15 used in previous wells. Watch to see if production results increase accordingly. It's an interesting puzzle finding the right number of frack stages at the right costs. 

Global Petroleum (LON:GBP) reported this morning that its partner Texon Petroleum (ASX:TXN) has successfully fracced the second Eagle Ford well. The well will now be tested.

Global says recovery of frac fluid used in the process will probably take a few days after which Texon will conduct a proper flow test of the well, codenamed Tyler Ranch EFS Nos2H.

Fraccing – a procedure designed to increase production from the well – was carried out on Tyler Ranch EFS Nos2H over 17 stages.

Global has a 7.939% working interest in approximately 1,651 acres beneath the Olmos formation at the Leighton project, including the Eagle Ford Shale.

Read the full news release at proactiveinvestors.co.uk

Texon Eagle Ford Well Results and Reserves Growth of 50%

Texon Petroleum is taking a mid-year hike of 50% in its Eagle Ford Shale reserves bookings. The increase is attributable to the company's two producing wells and two wells awaiting completion. The company stated that 88% of its Eagle Ford reserves are oil and gas liquids.  The company now has almost 900,000 barrels of proved reserves and estimates total proved, probable, and possible reserves total 8,423,000 barrels.

The two wells the company has producing came online at 785 barrels of oil equivalent per day and 600 barrels of oil equivalent per day over the first 15 days of production, respectively. That's above average for McMullen County wells close to Texon's property. The wells were completed with 15 frack stages, with the less of the two wells only have 12 effective fracks. 

Australia-listed Texon Petroleum has booked nearly a 50% increase in reserves following an independent review of its Eagle Ford properties in the US during the first half of the year.

The company’s overall proved, probable and possible reserves, attributable to its net revenue interest, climbed to about 10 million barrels of oil equivalent, up from 6.7 million boe at the end of last year.

The increase came following an independent review by Netherland, Sewell & Associates Incorporated (NASI) which increased the estimated proved, probable and possible reserves of Texon’s Eagle Ford assets from about 5 million boe to 8.4 million boe as of 30 June.

Texon Petroleum Olmos Well a Success

Texon Petroleum's latest Olmos well came online at 370 barrels of oil equivalent per day. The well is part of Texon's Olmos and Eagle Ford development plans in McMullen County, TX. The Peeler #3 was the 11th well in the Leighton field and all have been successful. This is the second announcement in as many weeks for successful Olmos wells. Swift Energy announced positive results from a horizontal Olmos well just over a week ago.

Texon advises that its recently drilled Peeler #3 (refer to Texon release of 21 July 2011) has begun to flow oil and gas at the gross combined rate of 370 boepd from the Olmos reservoir (comprising 325 bopd and 268 mcfgpd). This is the eleventh well in the Leighton Olmos oil and gas field, all of which have been successful producers. The well will be connected for production to oil tanks and the gas pipeline in the next 2 weeks.

This is a good result as the closest three Olmos production wells, Peelers #1 and #2 and Tyler Ranch #5 tested at initial rates of 170 to 445 boepd. P#3 is the northern most well drilled to date in the Leighton field.

This positive result confirms that the productive Olmos reservoir extends across the northern part of the field and that it contains good quality reservoir further de-risking the 24 undrilled Olmos well locations in the field. The Company has an average 50% working interest (37.5% net revenue interest) in the well.