Doxa Finalizes Participation in 40 Square Mile Proprietary 3D Seismic Project
07 Ottobre 2010 - 3:00PM
Marketwired
Doxa Energy Ltd. (TSX VENTURE: DXA)(FRANKFURT: 5D0) ("Doxa" or the
"Company"), announced today the following recent development
regarding its increasing level of activity.
SARCO CREEK 3D PROJECT ACQUISITION
Doxa has finalized the acquisition of a thirty percent (30%)
interest in the Sarco Creek 3D Project, where preliminary line
clearing and related field operations have already been commenced.
The Sarco Creek 3D Project is a proprietary 3D seismic acquisition
program onshore along the Gulf Coast in Bee and Goliad Counties,
Texas. This is the latest in a series of acquisitions by the
Company furthering its stated goal of assembling a diverse
portfolio of high quality projects in which to participate. As
stated, Dynamic Production, Inc. ("Dynamic"), managing partner of
the project, has commenced field operations and expects data
acquisition and data processing to be completed on or about
December 31, 2010. During the course of the project, proprietary 3D
seismic data covering approximately 40 square miles (25,600 acres)
will be acquired and subsequently evaluated on behalf of Dynamic,
Doxa and the other venture partners. The primary objectives within
the Sarco Creek 3D Project include oil and gas development
opportunities in the Miocene and Frio formations above 5,000', with
secondary objectives being deeper Vicksburg, Yegua and Wilcox
sands. There are many wells within the area encompassed by the
subject program that have produced in excess of 200,000 barrels of
oil equivalent (BOE) on an individual well basis from the shallower
formations. This acquisition was contemplated by a Letter of Intent
previously entered into between Dynamic and Doxa (see Doxa news,
July 28, 2010).
On behalf of the Board of Directors
John D. Harvison, President, Chief Executive Officer
Statements in this press release other than purely historical
information, including statements relating to the Company's future
plans, objectives or expected results, constitute forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to the risks and uncertainties inherent
in the Company's business, including risks inherent in oil and gas
exploration and development, and uncertainties in connection with
anticipated commodity prices for oil and natural gas, growth of
worldwide market demand, exploration capital requirements, length
of asset life and availability of qualified personnel, among others
As a result, actual results may vary materially from those
described in the forward-looking statements.
All references in this press release to BOE are based on a 6 Mcf
to 1 Bbl conversion ratio. BOE's may be misleading particularly if
used in isolation. A BOE conversion of 6 Mcf to 1 Bbl is based on
the energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the
wellhead.
This new release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company in
the United States. The securities of Doxa have not been registered
under the U.S. Securities Act of 1933, as amended, or any state
securities laws, and may not be offered or sold in the United
States or to or for the account or benefit of a U.S. person unless
so registered or pursuant to an available exemption from the
registration requirements of such Act or laws.
Neither TSX Venture Exchange nor its Regulation Services
providers (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Doxa Energy Ltd. Scott Parsons Director 604.642.2625
Doxa Energy Ltd. Paul McKenzie Director 604.642.2625 604.642.2629
(FAX) info@doxaenergy.com www.doxaenergy.com
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