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Out of the USD 2m cash payment from INWP at closing, USD 1.5m will be used in the next 30 days for a development program designed to raise the Seller's current production by an additional 2,000 mcfpd and 80 bopd, for a total net income projected at USD 535,000 per month as cash flow into INWP.
The initial production rate in January for the Hoskins EFS #3H was 2,007 boepd (1,751 bopd and 1,537 mcfpd) with a flowing casing pressure of 3201 psi on a 22/64" choke.
The well has been production tested from a Frio zone at 5,761-5,764 feet and the latest flow rate of the well is 300 mcfpd and 1 bopd on an 8/64-inch choke with flowing tubing pressure of 1,550 psi.
Reservoir properties in the well (porosity and oil saturation) are comparable with the Leighton Olmos wells which tested at an average of 181 bopd + 330 mcfpd or 236 boepd.
The company said the official 24 hour test determined 475 BOPD (barrels of oil per day), 232 MCFPD (thousands of cubic feet) of gas and 103 BWPD (barrels of water per day) on a 20/64" choke.
According to the company's president and CEO, Ray Reaves, production from this new well appears to be stabilising in the range of 600 BOPD for oil and 600 MCFPD for natural gas.
Brisbane, Australia, April 15, 2011 - (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that its second Eagle Ford well, Teal Ranch EFS #1H, has flowed 1,228 boepd (1) representing 1,105 bpd of light sweet crude oil and 736 mcfpd of gas with a flowing tubing pressure of 2086 psi through a 18/64" choke.
According to the company, the Haggard Unit B number one well was tested for an AOF of 1,414 mcfpd of 0.62 Gr.