Doxa Announces Extension of Mississippian Oil Play Option
14 June 2011 - 11:00PM
Marketwired
Doxa Energy Ltd. (TSX VENTURE: DXA)(OTCBB: DXAEF)(FRANKFURT: 5D0)
("Doxa" or the "Company") announces that the Company has received
an extension from Dynamic Production, Inc. of the Letter of Intent
("LOI") previously announced (See Press Release April 28, 2011).
The LOI provides that Doxa can elect to acquire up to twenty
percent (20%) interest in existing leases, as well as an ongoing
lease acquisition program in Alfalfa, Garfield, Grant and Kay
Counties, Oklahoma. As previously disclosed, Dynamic Production,
Inc. of Fort Worth, Texas is managing the project and has a stated
goal of acquiring approximately 18,000 acres within the play, or
3,600 net acres to the Company. The extension provides that Doxa
will have until June 24, 2011 to exercise the option to
participate. The Mississippian Oil Play is an emerging horizontal
play that has the potential to become one of the most profitable
domestic onshore oil plays today, and is led by Chesapeake Energy
Corporation, SandRidge Energy, Inc. and Eagle Energy of Oklahoma,
LLC.
The Company intends to use the proceeds from the recently
announced $2,000,000 private placement (See Press Release June 13,
2011) to exercise the option with Dynamic Production, Inc.
On behalf of the Board of Directors
John D. Harvison, President, Chief Executive Officer
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.
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.
Contacts: Doxa Energy Ltd. Scott Parsons Director 604.642.2625
Doxa Energy Ltd. Paul McKenzie Director 604.642.2625 604.642.2629
(FAX) info@doxaenergy.com www.doxaenergy.com
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