Doxa Announces Significant Revenue Increase Due to Recent Success in South Texas
19 Luglio 2011 - 3:00PM
Marketwired
Doxa Energy Ltd. (TSX VENTURE: DXA)(OTCBB: DXAEF)(FRANKFURT: 5D0)
("Doxa" or the "Company") today announced the successful completion
and commencement of production from its Martin-State Gas Unit No. 1
well, a high rate, Wilcox formation gas condensate well in McMullen
County, Texas. The Company expects that production from this well
will add substantially to its monthly net cash flow, and will
achieve payout within one year.
This is the Company's first of 2-3 wells planned on its 623
gross acre County Line Prospect, in which Doxa owns a 14.0625%
working interest and a respective 10.4867% net revenue interest.
Hurd Enterprises, Ltd. of San Antonio, Texas, is the designated
Operator of this prospect.
After drilling the well to a total depth of 11,800', the well
was initially completed in the lowermost pay interval from
10,466-10,482'. During the 4-point production test, the well flowed
naturally at the high rate of 4,297 MCFPD and 101 BCPD on a 12/64"
choke with 5,945 psi tubing pressure. The well was placed on-line
last month flowing at a restricted rate of approximately 3,200
MCFPD, 60 BCPD and 5 BWPD. As stated, additional wells are expected
to be drilled on the project, and Doxa will maintain its 14.0625%
working interest in any such subsequent operations or wells.
"The success of the Martin State No. 1 is meaningful not only
for the immediate impact on our sales and profitability but also
for the increased potential in the balance of our County Line
Prospect along with our other Wilcox prospect holdings," stated
John D. Harvison, President and CEO of Doxa. In addition, he
stated, "The performance of this well validates our team's analysis
of this area for prolific Wilcox hydrocarbon potential."
About Doxa Energy Ltd.
Doxa Energy Ltd. develops and maintains a portfolio of producing
and developing conventional and unconventional assets, including
the Eagle Ford shale oil window play in South Texas, and the
recently announced acreage acquisition in the Mississippian Oil
Play of northern Oklahoma. It has offices in Fort Worth, TX and in
Vancouver, BC.
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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