Doxa Commences New Atascosa, Texas Project and Provides Operational Updates
13 Dicembre 2010 - 3:00PM
Marketwired
Doxa Energy Ltd. (TSX VENTURE: DXA)(OTCQX: DXAEF)(FRANKFURT: 5D0)
("Doxa" or the "Company") is pleased to provide the following
operational updates:
Davis-McCrary Prospect
Doxa reports that drilling operations were commenced on November
11, 2010 and have been successfully completed on the Davis-McCrary
No. 1 well in Atascosa County, Texas. Dynamic Production, Inc.,
operator of this venture, drilled the well to total objective depth
of 7,846' in order to test the Edwards formation. Logging and
coring operations were undertaken and based on favorable results
from log analysis, 5 1/2" casing was run and cemented. Well
completion operations will be commenced immediately. This is the
initial well on the 233 acre Davis-McCrary prospect, in which Doxa
owns a 42.5% working interest and a 32.727% net revenue interest.
The Company plans to release additional details once the well has
been completed and results are available.
To view a photo of the Davis-McCrary No. 1 well please click on:
http://media3.marketwire.com/docs/dxa1213.jpg
New Beilau Prospect
Doxa also disclosed that the previously reported Koehn No. 1
well in Colorado County, Texas was placed on production on November
23, 2010 and at last report was producing 534 MCFD, 95 BOPD and 0
BWPD on an 8/64" choke flowing with 2,050 psi flowing tubing
pressure. The Company owns a 6.25% working interest along with a
4.6875% net revenue interest, and expects that 1-2 additional
development wells will be drilled on the project.
Peeler Ranch Eagle Ford Project
As previously noted, drilling operations on the Dewbre Operating
- Peeler No. 1-H have been completed, 4 1/2" liner run and
cemented, and completion operations have commenced. The Peeler No.
1-H well was Doxa's Qualifying Transaction (see Doxa news, May 25,
2010) and is the Company's second Eagle Ford formation test within
the updip oil window of the play. A multi-stage frac stimulation is
planned for the well in January, 2011. The first Eagle Ford
completion in which Doxa participated is the San Isidro - Epley No.
1-H well in McMullen County, which was placed on production in
September, 2010. The Company estimates that as many as 10-14 wells
could ultimately be drilled on the Peeler Project, under which it
owns a 20% working interest and a 15% net revenue interest.
Sarco Creek 3D Acquisition Project
Finally, surveying and line clearing operations are continuing
and nearing completion on the Sarco Creek 3D seismic acquisition
project in Goliad and Bee Counties, Texas. According to Dynamic
Production, Inc., manager of the project, due to weather related
delays, data acquisition activities are now scheduled to begin by
late-December, 2010 and should be completed within 45-60 days.
Thereafter processing of the newly acquired data will be undertaken
and is projected to be completed in March, 2011 at which time the
dataset will initially be evaluated for oil and gas development
opportunities in the Miocene and Frio formations above 5,000'. Doxa
has acquired a thirty percent (30%) interest in this project.
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 news 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
Provider (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 1.888.662.DOXA
(3692) Doxa Energy Ltd. Paul McKenzie Director 1.888.662.DOXA
(3692) info@doxaenergy.com www.doxaenergy.com
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