Doxa Reports Commencement of Production From Peeler Ranch-Eagle Ford Shale Project, Atascosa County, Texas
March 22 2011 - 8:00AM
Marketwired
Doxa Energy Ltd. (TSX VENTURE: DXA)(OTCQX: DXAEF)(FRANKFURT: 5D0)
("Doxa" or the "Company") is excited to announce that it has
commenced initial production with oil and gas sales from the Peeler
Ranch Prospect, part of the Eagle Ford Shale Project in Atascosa
County, Texas. Multi-stage hydraulic fracture stimulation
operations were successfully completed earlier this month on the
Peeler Ranch No. 1-H, and initial flow back operations have
commenced. Approximately 1.8 million pounds of proppant were pumped
during the job in 12 stages. Doxa management is encouraged by the
early indications of oil and gas production, and detailed results
will be reported in the near future. The Peeler Ranch No. 1-H, a
horizontal Eagle Ford well operated by Dewbre Petroleum Corporation
of Corpus Christi, Texas is Doxa's first well on its Qualifying
Transaction (see Doxa news, May 25, 2010). The Peeler Ranch No. 1-H
was drilled to a total measured depth of 13,630', with a total
Eagle Ford in-zone lateral length of approximately 4,000'. All
production facilities have been constructed and initial sales of
oil and gas have commenced.
Subject to confirmation of commercially viable results on the
Peeler Ranch No. 1-H, the Company anticipates that 10-14 gross
wells could ultimately be drilled on this 2,005 acre project, under
which it owns a 20% working interest along with a 15% net revenue
interest. Doxa notes that operators with wells immediately
offsetting Doxa's Peeler Ranch Project have announced recoverable
reserves in the range of 254-356 MBOE (thousand barrels of oil
equivalent) per well, which is in-line with Doxa's expectations for
this project.
About Doxa Energy:
Doxa Energy Ltd. is an oil and 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 and 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 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.
To view the photo accompanying this press release please visit
the following link:
http://media3.marketwire.com/docs/DoxaPeeler1-H.pdf
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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