26 October 2009 Target Completes Purchase of Additional Interest in East Chalkley Oil Field
Target Energy Limited ("Target") (ASX CODE: TEX) is pleased to advise that it has now completed the purchase of additional interest in its East Chalkley oil field in Cameron Parish, Louisiana.

The purchase, from Magnum Hunter Resources, has an effective date of 1 November 2009.

The cost of the acquisition was US$500,000.

The transaction will elevate Targets working interest across the field to 35%.

As previously advised, the increase will augment the Companys existing reserves and production associated with the field by 40% and represents an approximate 27% increase in Target Energys total net reserves and resources - from 0.977 million barrels of oil equivalent (mmBOE)(31/12/08 audit) to 1.237 mmBOE.

Managing Director Laurence Roe stated, "We were very pleased to be able to further consolidate our position in this oil field, with our Pine Pasture #2 well continuing to produce very consistently.

After some operational and weather delays, we now expect to have a rig on site in early November to drill our water disposal well.

Along with the currently strong oil prices, this will further improve our production economics.

Following the completion of the disposal well, the partners will be discussing the location and timing of the next development well." To download full ASX Announcment click here: http://esp.gewru.com/download/files/12414/971621/20091027%20-%20ASX%20Announcement%20-%20Target%20Completes%20Purchase%20of%20Addit.pdf
About Target Energy: Target Energy Limited is an Australian petroleum exploration and production company based in Perth, Western Australia which listed on the Australian Stock Exchange on 27 November 2006. For further information please contact: Laurence Roe Managing Director Target Energy Tel: +61 8 9476 9000 Karen Oswald/Melanie Gray Professional Public Relations Tel: +61 8 9388 0944
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