Company News Summary
Texon Petroleum Provides Investor Update
Original announcement: Investor Update
Texon Petroleum referred to its February 2012 announcement which advised that the company had appointed Houston-based Albrecht & Associates, Inc. and Brisbane-based RBS Morgans with the intention to either fully or partially monetise (lease sale, corporate trade, farm out, JV) the company's Eagle Ford to achieve the optimal outcome for shareholders. The intention of this process is to seek an outcome which recognises the inherent value of the Eagle Ford holdings, while balancing the operational and commodity risks associated with having a high working interest. At this stage a transaction involving the company's Eagle Ford is the subject of discussions with a number of parties based in Asia, the USA and Australia. As these discussions progress the company will provide further updates when appropriate.
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