Doxa Energy Closes Acquisition of New South Texas Project and Commences Drilling Operations
July 25 2011 - 9:00AM
Marketwired
Doxa Energy Ltd. ("Doxa" or the "Company") (TSX VENTURE:
DXA)(OTCBB: DXAEF)(FRANKFURT: 5D0) is pleased to announce that it
closed on the acquisition of a 16.70625% interest in the County
Line North Project, McMullen County, Texas, a new venture targeting
various Wilcox formation zones of interest. The County Line North
Project, operated by Hurd Enterprises, Ltd., of San Antonio, Texas,
is a conventional gas condensate prospect which is situated on an
initial 280 acre block of leases. Drilling of the Kynette No. 1,
the initial well on this project, has been commenced and is
proceeding towards its permitted depth of 10,500'. Doxa owns
16.70625% working interest before payout, reverting to 12.5% after
payout of this project, and expects its share of the leasehold and
initial completed well cost to total approximately $500,000. This
project is situated approximately 2 miles northeast of a recently
announced successful completion, the Martin-State Gas Unit No. 1
well (see Doxa news 7/19/11), a high rate Wilcox producer completed
in the Campana, South (Wilcox 10,200') Field. Hurd Enterprises,
Ltd. also operates the Martin-State well.
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.
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 604.662.3692
Doxa Energy Ltd. Paul McKenzie Director 604.662.3692
www.doxaenergy.com
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