Jun 14, 2011
Doxa Announces Extension Of Mississippian Oil Play Option
VANCOUVER, BRITISH COLUMBIA - Doxa Energy Ltd. - TSX Venture Exchange DXA. - ("Doxa" or the "Company"), announces that the Company has received an extension from Dynamic Production, Inc. of the Letter of Intent ("LOI") previously announced (See Press Release April 28, 2011). The LOI provides that Doxa can elect to acquire up to twenty percent (20%) interest in existing leases, as well as an ongoing lease acquisition program in Alfalfa, Garfield, Grant and Kay Counties, Oklahoma. As previously disclosed, Dynamic Production, Inc. of Fort Worth, Texas is managing the project and has a stated goal of acquiring approximately 18,000 acres within the play, or 3,600 net acres to the Company. The extension provides that Doxa will have until June 24, 2011 to exercise the option to participate. The Mississippian Oil Play is an emerging horizontal play that has the potential to become one of the most profitable domestic onshore oil plays today, and is led by Chesapeake Energy Corporation, SandRidge Energy, Inc. and Eagle Energy of Oklahoma, LLC.
The Company intends to use the proceeds from the recently announced $2,000,000 private placement (See Press Release June 13, 2011) to exercise the option with Dynamic Production, Inc.
On behalf of the Board of Directors
John D. Harvison
President, Chief Executive Officer
For further information contact: Scott Parsons or Paul McKenzie, Directors 604.642.2625 or visit www.doxaenergy.com
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.
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.