Doxa Reports New Acquisitions and Updates Operations
March 07 2011 - 8:00AM
Marketwired
Doxa Energy Ltd. (TSX VENTURE: DXA)(OTCQX: DXA)(FRANKFURT: 5D0)
("Doxa" or the "Company") is pleased to report that it has agreed
to participate in two (2) new Texas Gulf Coast projects, and
further provides the following operational updates:
Sartain Assets Prospect
Doxa disclosed that it has completed the acquisition of a 12.5%
participating interest in roughly 1,000 acres comprising the
Sartain Assets Ltd. Oil Prospect in Frio County, Texas. The initial
well on the Sartain Assets Prospect is also a re-entry of an
existing well, and is targeting the Pearsall Austin Chalk formation
at a true vertical depth of approximately 6,000'. Drilling
operations on the well, which includes a planned 4,200' horizontal
lateral through the fractured Austin Chalk formation, has
commenced. There are numerous prolific oil wells throughout the
area surrounding the Sartain Assets Prospect, which is operated by
AWP Operating Company of San Antonio, Texas.
To view Figure 1, "Drilling at Sartain Assets Unit No. 1",
please visit the following link:
http://media3.marketwire.com/docs/dxa-sartain.pdf.
Emshoff Prospect
Doxa reports that it has acquired a 15% working interest under
the Emshoff Prospect in Wharton County, Texas. This project
consists of a 640 acre unit upon which Dynamic Production, Inc.,
the operating partner, has recently commenced the drilling of a
16,000' test well. The Emshoff Unit No. 1ST is a re-entry and
sidetrack of an existing well, and will be targeting middle Wilcox
gas sands which are commercially productive on trend approximately
2.5 miles to the north. The Company estimates approximately
twenty-five (25) days of drilling will be required to reach the
objective depth, after which logging and testing operations will be
undertaken.
Sarco Creek 3D Update
As previously reported (see Doxa news, October 7, 2010 &
December 13, 2010), seismic data acquisition on the Sarco Creek 3D
was commenced in December, 2010 and after several weather related
delays, the Company now reports that this phase of the project is
nearly 80% complete. Provided no additional adverse weather is
encountered, field operations should be completed within the next
few days. Processing of the field data has commenced and is
expected to be complete by the end of March, 2011. Evaluation of
the processed data will follow in an effort to identify and qualify
drilling prospects. The data will initially be evaluated for oil
and gas development opportunities in the Miocene and Frio
formations above 5,000'.
Peeler Ranch No. 1-H Update
Multi-stage fracing operations have commenced on the Peeler
Ranch No. 1-H in Atascosa County, Texas. The Peeler Ranch No. 1-H
is the initial well on the Peeler Ranch Prospect, which was Doxa's
Qualifying Transaction (see Doxa news, May 25, 2010). The Company
plans to release details once these operations have been completed
and the results are available.
Martin-State Gas Unit No. 1 Update
Doxa is pleased to report that drilling operations on the
previously disclosed Martin-State Gas Unit No. 1 in McMullen
County, Texas have been successfully completed and based on the
results of log evaluation, production casing has been run and
cemented. Completion operations will be undertaken in the near
future with an anticipated Doxa news release to follow.
Davis-McCrary No. 1 Update
Due to unexpectedly high rate of water production associated
with the expected oil production, completion operations on the
Davis-McCrary No. 1 well, an Edwards formation test in Atascosa
County have been suspended. The results of this initial completion
attempt are being analyzed by the Operator, and the Company is
anticipating a recommendation regarding the potential of future
Davis-McCrary operations.
About Doxa Energy:
Doxa Energy Ltd. is an oil & gas production/exploration
company concentrating on onshore only projects primarily in the
State of Texas with a mix of unconventional (including the Eagle
Ford Shale) and conventional projects. Doxa is committed to
becoming a leading oil & gas company, achieving superior
financial and operating results while simultaneously utilizing
sound business, social, environmental and safety practices.
Additional information on Doxa is available on the Company's
website at www.doxaenergy.com.
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
info@doxaenergy.com www.doxaenergy.com
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