Doxa Energy Ltd.

Doxa Energy Ltd.

February 06, 2015 16:31 ET

Doxa Provides Operational Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 6, 2015) - Doxa Energy Ltd. (TSX VENTURE:DXA)(OTC PINK:DXAEF)(FRANKFURT:5D0) ("Doxa" or the "Company") today announced that it completed the exploratory drilling program previously announced for 2014. The program included initial test wells drilled on three different conventional oil & gas exploration projects in southern Texas. Two of the projects, situated in Duval County, Texas, were focused on the Queen City formation at depths above 6,500' subsurface. The first of these, being the Longoria No. 1, was drilled to a total depth of 6,375' and encountered possible pay in the Queen City and therefore production casing was run and cemented, and the well tested. Results of the test yielded minor oil and gas production, although with more water influx than expected and therefore the well has been shut-in. Further operations may be undertaken at a later date subject to further engineering evaluation, a more favorable oil and gas price environment and acquisition of a reasonable pipeline hook-up and gas marketing agreement. The BFMT No. 1, being the second Queen City test, was drilled to a total depth of 6,047' logged and deemed a dry hole, as no commercial pay was encountered in the well. The third exploratory well, being the Rogers No. 1 drilled in Jackson County, Texas to a depth of 11,650', yielded marginal pay in the expanded Yegua formation. The well was completed in mid-2014 and is currently producing 160 MCFD and 5 BOPD. In addition to the foregoing exploratory efforts during 2014 the Company participated in an unsuccessful fourth well on the Sarco Creek project in Goliad County, Texas. No further operations are currently planned on the above described projects. Doxa's level of participation in the two Queen City projects were 20% and 30.5% respectively, 4.5% in the Jackson County venture, and 18% in the Goliad County well.

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.

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.

All references in this press release to BOE are based on a 6 Mcf to 1 Bbl conversion ratio. BOE's may be misleading particularly if used in isolation. A BOE conversion of 6 Mcf to 1 Bbl is based on the energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This news 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.

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