News

June 24, 2009

Texon Petroleum Believes Its Texas Properties May Have Deeper Oil & Gas Shale Potential

Just as E&Ps operating in Europe increasingly like to have a market-friendly gas storage project on their books, companies working in North America like to have some oil and gas shale potential in their portfolio. AIM-quoted Nighthawk Petroleum and ASX-listed Samson Oil & Gas and Antares Energy are among those to boast shale projects in the US. Now Texon Petroleum believes its properties in Texas may also have oil and gas shale potential.

The ASX firm says studies have shown that the productive Eagle Ford Shale and Edwards Limestone may lie under its 1,800 acres of Leighton and Mosman leases. These properties lie 25 km to the northeast of the Antares’ Yellow Rose Project, where earlier this month the Frances Dilworth-2 well found gas in the Edwards limestone and Eagle Ford shale, both significant formations in this area. Indeed, the emerging Eagle Ford shale play in this area has been described by one local operator, Petrohawk...