Report of Foreign Issuer (6-k)
26 January 2016 - 10:02PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of JANUARY, 2016
Commission File Number: 001-33491
DXI ENERGY INC.
(Translation of registrant's name into English)
598-999 Canada Place Vancouver, British Columbia V6C 3E1 Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ x ] Form 20-F [ ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SUBMITTED HEREWITH
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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DXI Energy Inc. |
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(Registrant) |
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| Date: January 25, 2016 |
By: |
/s/ David Matheson |
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David Matheson |
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Title: |
Chief Financial Officer |
DXI Energy Retires All Commercial Bank Credit
Original 2011 Loan Facility of C$7mm Paid Off in
Full
VANCOUVER, BRITISH COLUMBIA--(Marketwired - January 25,
2016) - DXI Energy Inc. (DXI:
NYSE MKT/ TSX) ("DXI" or the "Company"), an upstream oil and gas
exploration and production company operating in Colorado's Piceance Basin and
the Peace River Arch region in British Columbia, today announced that it has
eliminated its longstanding bank debt and retired its credit facility with a
Canadian chartered bank, complete with return of all collateral and annulment of
restrictive contract requirements.
As previously reported, DXI had a balance of C$902,000 as of
September 30, 2015. The Company originated the C$7 MM facility in 2011 with
recent more restrictive amendments and associated renewals on November 24, 2014,
March 16, 2015 and July 6, 2015. With the retirement of this facility, DXI is no
longer subject to the restrictive collateral and ratio requirements currently
being imposed by the commercial banking industry in the energy sector.
"We are pleased to retire this bank facility as this
demonstrates our commitment to eliminating capital encumbrances and increasing
corporate flexibility. During these challenging markets, we remain focused on
securing opportunistic bolt-on producing assets to supplement our production
profiles associated with successful projects in the Piceance Basin and the Peace
River Arch. The selective addition of production and desirable reserves,
financed using more flexible non-arms length capital will help us build a
stronger foundation supporting both growth & transactional outcomes," stated
Robert Hodgkinson, CEO.
On January 19, 2016 DXI Energy received a letter from NYSE MKT
LLC (“NYSE MKT” or the “Exchange”) stating that it is not in compliance with the
continued listing standards as set forth in Section 1003 of the NYSE MKT Company
Guide (the “Company Guide”) as it pertains to the low price of its securities.
In order to maintain its listing, the Company must address how it intends to
regain compliance by July 19, 2016. If the plan is accepted, the Company may be
able to continue its listing but will be subject to periodic reviews by the
Exchange. If the plan is not accepted or if it is accepted but the Company is
not in compliance with the continued listing standards by July 19, 2016, or if
the Company does not make progress consistent with the plan, the Exchange may
initiate delisting procedures as appropriate.
The Company's management is pursuing options to eliminate any
perceived deficiency, intends to submit a compliance plan on or before the
deadline set by the Exchange and reminds all stakeholders that the listing of
its common shares on the TSX is in no way affected.
About DXI ENERGY INC.
DXI Energy Inc. is an upstream oil and natural gas exploration
and production company operating projects in Colorado's Piceance Basin (39,998
net acres) and the Peace River Arch region in British Columbia (14,444 net
acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The
company is publicly traded on the New York Stock Exchange Amex (NYSE MKT:DXI)
and Toronto Stock Exchange (DXI).
Statements Regarding Forward-Looking Information: This
news release contains statements about the Company's satisfaction of the listing
requirements of the NYSE MKT and continued listed on the NYSE MKT, which
constitute "forward-looking statements" or "forward-looking information" within
the meaning of applicable securities legislation. Forward-looking statements are
based on current expectations, estimates and projections that involve a number
of risks, uncertainties and other factors that could cause actual results to
differ materially from those anticipated by DXI Energy and described in the
forward-looking statements. These risks, uncertainties and other factors
include, but are not limited to, adverse general economic conditions, general
stock market volatility, operating hazards, drilling risks, inherent
uncertainties in interpreting engineering and geologic data, competition,
reduced availability of drilling and other well services, fluctuations in oil
and gas prices and prices for drilling and other well services, government
regulation and foreign political risks, fluctuations in the exchange rate
between Canadian and US dollars and other currencies, as well as other risks
commonly associated with the exploration and development of oil and gas
properties. Additional information on these and other factors, which could
affect DXI Energy Inc.'s operations, financial results or stock price, are
included in DXI Energy Inc.'s reports on file with Canadian and United States
securities regulatory authorities. We assume no obligation to update
forward-looking statements should circumstances or management's estimates or
opinions change unless otherwise required under securities law.
The TSX does not accept responsibility for the adequacy or
accuracy of this news release.
Follow DXI Energy's latest developments on Facebook (www.facebook.com/dxienergy) and Twitter (@dxienergy).
Contact:
DXI Energy Inc.
Robert L. Hodgkinson
Chairman & CEO
604-638-5055
investor@dxienergy.com
DXI Energy Inc.
Craig Allison
Investor Relations - New
York
914-882-0960
callison@dxienergy.com
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