Oct 07, 2010
Doxa Finalizes Participation In 40 Square Mile Proprietary 3d Seismic Project
VANCOUVER, BRITISH COLUMBIA - Doxa Energy Ltd. - TSX Venture Exchange DXA. - ("Doxa" or the "Company"), announced today the following recent development regarding its increasing level of activity.
SARCO CREEK 3D PROJECT ACQUISITION
Doxa has finalized the acquisition of a thirty percent (30%) interest in the Sarco Creek 3D Project, where preliminary line clearing and related field operations have already been commenced. The Sarco Creek 3D Project is a proprietary 3D seismic acquisition program onshore along the Gulf Coast in Bee and Goliad Counties, Texas. This is the latest in a series of acquisitions by the Company furthering its stated goal of assembling a diverse portfolio of high quality projects in which to participate. As stated, Dynamic Production, Inc. ("Dynamic"), managing partner of the project, has commenced field operations and expects data acquisition and data processing to be completed on or about December 31, 2010. During the course of the project, proprietary 3D seismic data covering approximately 40 square miles (25,600 acres) will be acquired and subsequently evaluated on behalf of Dynamic, Doxa and the other venture partners. The primary objectives within the Sarco Creek 3D Project include oil and gas development opportunities in the Miocene and Frio formations above 5,000', with secondary objectives being deeper Vicksburg, Yegua and Wilcox sands. There are many wells within the area encompassed by the subject program that have produced in excess of 200,000 barrels of oil equivalent on an individual well basis from the shallower formations. This acquisition was contemplated by a Letter of Intent previously entered into between Dynamic and Doxa (see Doxa news, July 28, 2010).
On behalf of the Board of Directors
John D. Harvison
President, Chief Executive Officer
Doxa Energy Ltd. - Administration
2060 - 777 Hornby Street
Vancouver BC, V6Z 1T7
Ph: 604-642 - 2625
Doxa Energy US, Inc. - Technical
5070 Mark IV Parkway
Fort Worth, Texas 76106
For further information please contact:
Scott Parsons or Paul McKenzie, Directors at 604.662.DOXA(3692) 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 suc