Jul 28, 2010
Doxa Set To Participate In 3D Seismic Acquisition Project On Texas Gulf Coast
VANCOUVER, BRITISH COLUMBIA: Doxa Energy Ltd. ("Doxa" or the "Company") (TSX-V: DXA, Frankfurt: 5D0) has entered into a Letter of Intent providing that it may acquire up to a forty percent (40%) interest in a new on-shore proprietary 3D seismic project covering more than 35 square miles (22,400) acres along the Texas Gulf Coast. The primary objectives of the project include oil and gas development opportunities in the Miocene and Frio formations above 5,000', with secondary objectives being deeper Wilcox sands. Dynamic Production, Inc. ("Dynamic") will serve as operator and manager of this project. The field operations are expected to begin in third quarter, 2010. Permitting of the project is nearly complete and Dynamic is in the process of obtaining the project's final lease options. Doxa intends to release additional information on this project once final permits and options are secured. The terms of the executed Letter of Intent provide for closing of the transaction by August 30, 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
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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 forecast 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.