Doxa Announces Successful Completion In S. Texas
Kynette No. 1 Drilling Rig
VANCOUVER, BRITISH COLUMBIA - Doxa Energy Ltd. ("Doxa" or the "Company") 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".
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
For further information contact:
Paul McKenzie, Director at 604.642.2625 or visit www.doxaenergy.com
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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.