Doxa Announces Successful Completion in S. Texas
October 12 2011 - 9:00AM
Marketwired
Doxa Energy Ltd. ("Doxa" or the "Company") (TSX
VENTURE:DXA)(OTCBB:DXAEF)(FRANKFURT:5D0) today announced the
successful completion of the previously mentioned (see Doxa news
7/25/11) Kynette No. 1 well, a naturally completed Wilcox formation
gas-condensate well on the County Line North Project, McMullen
County, Texas.
This is the Company's second well in the general area, the first
being the completion earlier this year of the Martin-State Gas Unit
No. 1 well on the County Line Project. The Kynette No. 1 well is
located approximately two miles north of the initial well. Hurd
Enterprises, Ltd. of San Antonio, Texas, is the designated Operator
of both projects.
After drilling the well to a total depth of 10,250', 4-1/2"
casing was run and cemented and the well was initially completed in
a lowermost pay interval below 10,000'. The well flowed naturally
at a rate of 3,300 MCFPD and a show of condensate with 5,800 psi
flowing tubing pressure. Production and pipeline facilities are
currently under construction and once completed,
the company will release additional details. Doxa owns a 16.7%
working interest before payout, reverting to a 12.5% after payout,
and expects its share of the project cost to total approximately
$900,000.
John D. Harvison, President and CEO of Doxa, reiterated that,
"The performance of this well continues to validate our team's
analysis of this area for prolific Wilcox hydrocarbon
potential."
To view the image associated with this news release, please
click the following link:
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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.
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. Paul McKenzie Director 604-642-2625
604-642-2629 (FAX) Doxa Energy US, Inc. - Technical 5070 Mark IV
Parkway Fort Worth, Texas 76106 817-838-1800 817-838-1824
(FAX)info@doxaenergy.comwww.doxaenergy.com
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