Texalta Petroleum Ltd.

Texalta Petroleum Ltd.

January 11, 2011 14:37 ET

Texalta Announces Drilling and Completion Updates

CALGARY, ALBERTA--(Marketwire - Jan. 11, 2011) - Texalta Petroleum Ltd. ("Texalta" or the "Corporation") (TSX VENTURE:TEX.A) would like to advise shareholders that a horizontal development well known as the Texalta et al Wordsworth E HZ 3D3-23-3A13-14-7-3W2 has been drilled to a depth of 1841 meters and the rig will be released by midday today.

Completion work will start on the recently drilled Queensdale W HZ 2D5-25-4B10-26-6-2 W2 well depending on the availability of a service rig after which the Wordsworth well will be completed.

It is hoped both of the above mentioned wells should be producing by month end.

In the meantime the operator of the farmed out Joarcam wildcat well located near Camrose, Alberta advises that drilling should start this month.

In Australia, interpretation of the recently completed seismic survey is ongoing. Favourable results so far indicate the locations for two conventional wildcat wells for this calendar year.

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 a 50 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.

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.

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