Texalta Petroleum Ltd.

Texalta Petroleum Ltd.

December 23, 2009 09:00 ET

Texalta Completes 4th Successful Horizontal Well at Wordsworth, SK

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2009) - Texalta Petroleum Ltd. ("Texalta") (TSX VENTURE:TEX.A) is pleased to announce that the fourth horizontal well known as the Texalta et al Wordsworth E. HZ1B4-24-4B5-13-7-3 W2, on the Wordsworth property in southeast Saskatchewan, was successfully completed and placed on pump on December 19, 2009. The total depth of the new well is 2151 meters, with an open hole interval of 811 meters.

In the first two days of pumping, the well pumped at an average rate of 55 cubic meters per day (347 bbl/d) of black oil emulsion. On the second day, testing confirmed the content of the emulsion was 80 percent oil. The mixture of non-formation water and the gassy oil in the reservoir causes the oil emulsion. The emulsion should disappear with ongoing production.

This well was designed to evaluate the eastern end of the Alida oil deposit located near the Texalta et al Wordsworth E. HZ2A2-23-3A11-14-7-3 W2 discovery well drilled in 2006, which has produced 73,690 barrels of oil as of September this year.

Drilling operations on the next well planned for the Wordsworth area should commence by the first week of February 2010.

The Company would like to remind shareholders and interested parties that the annual audited financial statements and MD&A were filed on SEDAR on October 28, 2009. These filings are available for review at www.sedar.com and on the Company website at www.texalta.com.

Texalta remains debt free and well funded to carry out its current drilling program.

TEX.A is a Calgary based company engaged in the exploration, acquisition and development of prospective oil & gas properties in Saskatchewan and Alberta, Canada. The company's wholly owned subsidiary, Texalta Australia Pty. Ltd. holds 82 percent working interest in two exploration permits covering in excess of 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.

Note: BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information