Doxa Energy Ltd.
TSX VENTURE : DXA
OTC Bulletin Board : DXAEF
FRANKFURT : 5D0

Doxa Energy Ltd.

June 23, 2011 09:00 ET

Doxa Amends Terms of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2011) - Doxa Energy Ltd. (TSX VENTURE:DXA)(OTCQX:DXAEF)(FRANKFURT:5D0) ("Doxa" or the "Company"), announces that further to its June 13, 2011 press release announcing a non-brokered private placement of 5,714,286 units (each a "Unit") at a price of $0.35 per Unit for aggregate proceeds of $2,000,000, Doxa has determined to modify the terms of the Units. Each Unit will be comprised of one common share and one share purchase warrant. Each share purchase warrant (a "Warrant") will entitle the holder to acquire one additional common share for a period of three years at a price of $0.475.

Proceeds of the placement will be used to fund the Company's oil and gas projects in Texas, and additionally to exercise the Company´s option with Dynamic Production, Inc. to acquire a twenty percent (20%) share of up to 18,000 gross acres of leasehold in the emerging Mississippian Oil Play in Northern Oklahoma.

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.

This new release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in the United States. The securities of Doxa have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to or for the account or benefit of a U.S. person unless so registered or pursuant to an available exemption from the registration requirements of such Act or laws.

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.

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