Company Overview
Texon's 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.
Based on the success in the past year Texon is proceeding with:
- Oil/liquids rich gas emphasis
- Drilling of two Eagle Ford wells this year, continuing to unlock the significant value in Texon’s 31 mmbbls of oil EFS holdings
- Development of its Leighton Olmos field
- Assessing options to monetize additional stacked objectives on same leases
- Seeking industry partners on select projects
- Adding more projects to complement current holdings
The Company has a proven track record of success with a large oil portfolio relative to it’s size.
The 2011 program is funded.
It retains a high and material equity position in a majority of its projects enabling operational control, timing of capital allocation as well as benefiting from any upside with success.
In addition to the Company’s current holdings, access to 24,600+sqkm 3D database combined with a very experienced technical team enables Texon to continue to build a multi–year drilling inventory which can provide growth not only in the short term, but the medium to long term.
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| Leighton Compressor Station |
Leighton Process and Oil Storage Facility |
Peeler Fracture Stimulation |
Eagle Ford Drilling Rig |
The Company’s key assets are:
- 3P Reserves
- No. of Producing wells
- Eagle Ford
- 3D Seismic
- Leases
- Success Rate
- Management
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- : 6.7 mmboe (as to NRI)
- : 16
- : 6,300acres, 70 potential locations, 92% WI
- : 24,600 sqkm (180+ surveys)
- : 17,576 nett reservoir Acres (most high WI%)
- : 85% (Eagle Ford, Leighton Olmos :100%)
- : Experienced, US based
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