VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - Doxa Energy Ltd. ("Doxa" or the "Company") (TSX VENTURE:DXA)(OTCBB:DXAEF)(FRANKFURT:5D0) is pleased to report that it has interest in five wells in production or in the process of being placed in production. The Company expects that all five wells should be producing and accruing cash flow by June 1st of this year. These wells include the Peeler Ranch No. 1-H, Epley No. 1-H, Sartain Assets Oil Unit No. 1-H, Koehn No. 1 and Martin-State Gas Unit No. 1. Furthermore, Doxa management reports that as a result of its success related to the projects encompassing these wells, it intends to significantly increase its cash flow in the second half of 2011 by capitalizing on numerous low risk, development wells offsetting those mentioned above. Doxa will participate in as many as eight new wells in the remainder of 2011.
Since its inception in mid-2010, Doxa has acquired the right to participate in drilling and seismic ventures covering 35,000 gross acres (primarily exploration) in South Texas representing 11,000 net acres to Doxa. This includes approximately 5,500 gross acres (1,000 net to Doxa) in the prolific Eagle Ford Shale, South Texas. Doxa has the potential to participate in up to 34 total wells in the Eagle Ford Shale alone, representing approximately 20% of the Company's current total US acreage. The Company has interest in over 50 future potential drilling locations with additions expected after the evaluation of 40 square miles of recently completed proprietary 3D seismic operations on its Sarco Creek Project. The Company is constantly pursuing new opportunities that could significantly increase its exploration and development footprint in the US, including the recently announced option to acquire a 20% interest under 18,000 acres in the emerging Mississippian Oil Play in northern Oklahoma.
Source: Market Wire
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