RNS Number:1135U
Texas Oil and Gas PLC
12 January 2004

                             Texas Oil and Gas PLC



Exercise of Warrants


Texas Oil and Gas PLC (TXO or the "Company") is pleased to announce that a total
of #586,850 has been raised through the exercise of warrants comprising #461,600
in cash and #125,250 in elimination of debt. This represents 98% of the
outstanding 5p and 8p warrants. The balance has been placed by the company for
the benefit of the company and the warrant holders.


In accordance with AIM Rule 15 and Schedule 5, the following Directors, insiders
and significant shareholders have today informed the company they have dealt as
follows:




Directors /Insiders  No of shares at Percentage    Shares sold   5p warrants      No of shares at  Percentage
Interests            31.08.03                                    exercised        8.01.04

Robin Baum           125,000                                     40,000           165,000

Roger Goodwin        100,000                       70,000        225,000          255,000

David Wilkinson      10,000                                      250,000          260,000

Substantial
Shareholders
MC Production        12,000,000      27.40%                      2,000,000        14,000,000       23.72%

& Drilling co Inc.
Sunvest Corp Ltd.    4,000,000       9.13%         1,000,000     5,000,000        8,000,000        13.55%

Edinburgh Hldgs      6,385,000       14.58%                      300,000          6,685,000        11.33%

David M. Parlons     5,844,960       13.35%                      253,000          6,097,960        10.33%


Further information:-

Company
Finance Director - Andrew Glendinning
Tel:- 020 7448 9752
Fax:- 020 7448 9753



PR
Parkgreen Communications: Justine Howarth/Cathy Malins
Tel:- 020 7287 5544



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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