Doxa Announces Completion Of Horizontal Drilling Operations In The Eagle Ford Shale, South Texas
San Iidro - Epley No. 1-H
VANCOUVER, BRITISH COLUMBIA - July 16, 2010: Doxa Energy Ltd. ("Doxa" or the "Company") (TSX-V: DXA, Frankfurt: 5D0) is pleased to announce the successful completion of drilling operations on the Epley No. 1-H in McMullen County, Texas, being the first horizontal well Doxa has participated within the prolific Eagle Ford Shale of South Texas. The Company owns a 15% working interest with a respective 11.25% net revenue interest under the Epley project. The Eagle Ford shale underlying the Epley lease was encountered at a true vertical depth of approximately 10,900' after which a horizontal lateral was successfully drilled in excess of 4,000 feet. The well has been cased and is currently being prepared for multi-stage fracture stimulation, scheduled for mid-August. Based on successful completion results of the initial well, Doxa anticipates that up to 5 gross wells will be drilled on the Epley project and that over 35 gross wells could ultimately be drilled on the Company's current Eagle Ford Shale holdings. Overall in the Eagle Ford trend, Doxa currently owns working interests ranging from 14% to 20% under 4,832 gross acres and expects to be involved in 3 additional wells this year followed by additional wells in 2011. Doxa's management has several new Eagle Ford projects under consideration for participation and anticipates further announcements in this regard will be made.
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 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.