Eagle Ford Encouragement For Texon Petroleum Limited (ASX:TXN) As Nearby Swift Energy (NYSE:SFY) Well Flows Oil At 1,134 bopd

Brisbane, May 13, 2010 AEST (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that a horizontal Eagle Ford well drilled by Swift Energy Company (NYSE:SFY) 1 1/2 miles (2.5km) from Mosman-Rockingham has flowed 1,134 bopd and 1.1 mmcfgpd (1,310 boepd). This is an important well as it indicates that the Eagle Ford Shale ("EFS") in the Leighton-Mosman-Rockingham-Sutton ("LMRS") leases could be oil productive.

The Swift result together with seismic evidence and vertical well results in Mosman-Rockingham #1, Tyler Ranch #4 (in Leighton) and Sutton Peeler #1, supports the view that the EFS is present across the entire 4,869 acres of the LMRS leases.

Nutech analysis of the wireline logs from the above Texon wells indicates that the EFS in LMRS has good reservoir characteristics and that the porosity contains 70% hydrocarbons - which in view of the Swift well could be oil.

Texon estimates that there could be 31 million barrels of producible oil in the EFS in its LMRS leases - as to the Company's current Working Interest, which together with the gas, would make a total of some 37 mmboe to Texon.

The EFS in Texon's leases has been and continues to be de-risked by seismic evidence as to the presence of the EFS; by the three Texon vertical wells where 137-143' of good quality EFS reservoir was calculated by Nutech; and by surrounding EFS horizontal wells by other companies confirming the high oil and gas producibility of the EFS in the area. The likelihood of the EFS being oil bearing in the LMRS is evidenced by the Swift well and LMRS being in the heart of the oily EFS trend.

A second Swift EFS horizontal well is being drilled just south of Leighton between Leighton and Mosman-Rockingham. Results are not yet known.

Texon CEO David Mason said: "The Swift well's 1,134 bopd is encouraging for Texon as it and the second Swift well are helping to de-risk the EFS in the LMRS area adding confidence in the low risk oil upside of the EFS in Texon's LMRS leases."

Oil and gas futures prices (Source: NYMEX June 2010 contracts)

Oil: US$ 75.86/bbl
Gas: US$ 4.26/mmbtu (approx. US$4.90/mcf for all Texon gas - including US$6.00/mcf for Leighton Olmos gas)

For the complete Texon Petroleum announcement including maps, please view the following link:

http://www.abnnewswire.net/media/en/docs/62851-ASX-TXN-220626.pdf

Contact

Dr. John Armstrong Chairman Brisbane: TEL: +61-7-3211-1122 Mr. David Mason Chief Executive Officer Brisbane: TEL: +61-7-3211-1122 Houston: TEL: +1-281-419-4976 (Houston is 15 hours behind Aust. Eastern Standard time)