The easiest way to get this text into an array like you describe would be:
preg_match_all('/.+/',$string, $array);
Since /./ matches any char, except for line terminators, and the + is greedy, it'll match as many chars as possible, until a new-line is encountered.
Using preg_match_all ensures this is repeated for each line, too. When I tried this, the output looked like this:
array (
  0 => 
  array (
    0 => '$test = \'Test This is first line',
    1 => 'Test:123',
    2 => 'This is Test\';',
  ),
)
Also note that line-feeds are different, depending on the environment (\n for *NIX systems, compared to \r\n for windows, or in some cases a simple \r). Perhaps you might want to try explode(PHP_EOL, $text);, too