Our new pick is: DXAEF – Doxa Energy Ltd.
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DXAEF has a last price of .01 and the kind of small float daytraders dream about!Feel free to take a look at DXAEF’s website here.DXAEF annual revenues had increased year over year from 2011 to 2013.
DXAEF’s board of directors is comprised 50% by Dynamic Productions senior management team, including president John D. Harvison, who is also president and CEO of DXAEF. Dynamic was established in 1968 and has drilled over 500 wells so its safe to say the CEO of DXAEF has some experience in the field.
Doxa Energy, Ltd. (“Doxa”) has In short order become an oil & gas production/exploration company concentrating on onshore only projects primarily in the State of Texas with a mix of unconventional (including the Eagle Ford Shale ) and conventional projects. Doxa is committed to becoming a leading oil & gas company, achieving superior financial and operating results while simultaneously utilizing sound business, social, environmental and safety practices.
On February 5th, 2015 DXAEF provided an operational updateDXAEF 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.
On January 28th, 2014 DXAEF provided an update and announced participation in three new south texas projects
DXAEF announced that it recently entered into definitive agreements providing for its participation in three (3) new conventional oil & gas exploration projects in southern Texas. Two of the projects are focused on the Queen City formation at depths above 6,000′ subsurface in areas which historically produce oil, and the third project will be targeting gas/condensate production from the expanded Yegua formation on the Gulf Coast. Furthermore, operations for drilling and evaluating initial test wells on two of the projects commenced in the fourth quarter 2013 and are ongoing. Each of the new projects offer potential for development wells. Additional details of all three projects will be released in the near future upon completion of ongoing operations and leasing efforts. Doxa’s level of participation in the two Queen City projects vary from 15-20%, and is set at 4.5% in the Yegua formation test, subject to certain terms and conditions set forth in the respective agreements.
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