Oct 28, 2010
Doxa Energy Ltd. Commences Trading On OTCQX
VANCOUVER, BRITISH COLUMBIA - Doxa Energy Ltd. ("Doxa" or the "Company") (TSX Venture Exchange: DXA; OTCQX: DXAEF) - is pleased to provide the following update to its shareholders:
Doxa Commences Trading on OTCQX
Doxa reports that as of today, its shares have been called to trade on the premier tier of the OTC market in the United States, the OTCQX. The ticker symbol is "DXAEF". As part of the OTCQX listing process, Doxa Energy is now included in the Standard & Poors Corporation Records publication.
The OTCQX attracts global companies and includes some of the largest companies in the world; its 132 represented companies have a combined market cap of approximately US $750 billion.
John D Harvison, President and CEO of Doxa Energy stated today that:
"Trading on the premier tier of the OTC is indicative of our commitment to increase investor awareness to Doxa internationally and to offer additional liquidity for our shareholders"
Koehn Well Update
A production test on the previously reported 135' of gross potential pay and 45' of net potential pay encountered during log analysis at the Koehn No. 1 well (see Doxa news release of October 4, 2010) flowed naturally at a high rate of 1,953 MCF per day, 132 BO per day and 0 BW per day on a 14/64" choke with 1,750 psi tubing pressure. The Koehn well was the initial test well on the 445 acre New Beilau Prospect, part of the Wilcox formation in Colorado County, Texas. Doxa owns a 6.25% working interest together with a 4.6875% net revenue interest in the prospect.
Facility construction is in progress at Beilau and Doxa anticipates commercial production to commence within thirty (30) days of this news release. Doxa will maintain its 6.25% interest in any subsequent operations, and anticipates that 1-2 additional wells may be drilled.
John D Harvison stated:
"The Koehn No. 1 is the Company's second well to be completed as a commercial producer in the five (5) months since approval of our qualifying transaction."
The first well Doxa placed on production is the Epley No. 1-H, an Eagle Ford horizontal well located in McMullen County, Texas (also see Doxa news release of October 4, 2010).
John D. Harvison
President, Chief Executive Officer
For further information contact:
Scott Parsons or Paul McKenzie, Directors at 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.
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.