Investorideas.com
Search  Follow Investorideas on Twitter  Investorideas is on Facebook  Investorideas is on Google Plus  Investorideas is on Youtube  Investorideas is on Pinterest  Investorideas is on tumblr  Investorideas is on LinkedIn  Investorideas RSS 


Investorideas podcasts on iTunes, Google Play Music and iHeart.com    Bitcoin and Blockchain Stocks    8020 Connect

 

Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner

DXI Energy (TSX: DXI) (OTCQB: DXIEF) Discovery Will Add To Woodrush Petroleum & Natural Gas Reserves

The B-100 Well Logs 29.5 Net Feet of Gething Gas Pay

 

Vancouver, British Columbia - March 21, 2018 (Newsfile Corp.) (Investorideas.com Newswire) DXI Energy Inc. (TSX: DXI) (OTCQB: DXIEF) ("DXI" or the "Company"), an upstream oil and gas exploration and production company focused in Colorado's Piceance Basin and the Peace River Arch region of Canada's Western Sedimentary Basin, is pleased to provide an operational update for its Woodrush project in N.E.B.C.

DXI reports that the initial well of the 2018 drill program designated to evaluate both Halfway oil and Gething gas targets at Woodrush has yielded the thickest Gething gas pay zone of the entire leasehold to date, logging 29.5' of net hydrocarbon pay. Reserve volumes will be calculated once the well is in production. The exploration well, known as B-100 was directionally drilled to a total depth of 3600' and evaluated several geological zones within the first of our multiple Woodrush targets.

Importantly, this new data will serve to provide a valuable foundation to enhance our current 3D seismic processing and interpretation for application towards future wells and was acquired very cost efficiently as our drill partner covered 62% of the costs of this well to the casing point. The Woodrush production profile consists of both light gravity crude & natural gas and we remain both confident and committed to efficiently ramping production and leveraging DXI's $12MM infrastructure.

"With an unforeseen licensing delay necessitating a reconfiguration of the drill program and seasonal breakup now upon us, the B-100 well will be cased in preparation for completion and tie-in immediately adjacent to the well head later in the season. As per best operational practices, the Excalibur #10 rig is being de-mobilized from the drill site to safely avoid the approaching seasonal full road ban. Our technical team is working aggressively to optimize all new well data to best define the next 2018 drill targets for all partners," states Robert L. Hodgkinson, Chairman & CEO.

Woodrush Project: Legacy Operations

On a historical basis, initial oil discoveries were drilled at Woodrush in 2008 and 2010, each commencing production at approximate rates greater than 500 BOPD of light 42' gravity crude with cumulative production of over 675,000 barrels of oil since discovery and still producing. Subsequent to the oil discoveries, in 2011 and 2012 robust discovered gas volumes have been produced from multiple zones including Notikewin, Gething and Halfway. The current production infrastructure, consisting of tanks, separators, line heaters, compressors, pumps, water injection facilities and pipe-lines has a production capacity of approximately 2,000 Barrels of oil and 4 MMCF of gas per day. New discoveries in this location will utilize this existing in-place infrastructure and transportation system to market new production in the most cost effective manner.

About DXI Energy Inc.:

DXI Energy Inc. is an upstream oil and natural gas exploration and production company with producing projects in Colorado's Piceance Basin (24,407 net acres) and the Peace River Arch region in British Columbia (13,093 net acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The Company is currently publicly traded on the OTCQB (DXIEF) and Toronto Stock Exchange (DXI.TO).

Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. 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, 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 or financial results, 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 http://facebook.com/dxienergy and Twitter @dxienergy.

Contact:

DXI Energy Inc.:

Robert L. Hodgkinson
Chairman & CEO
604-638-5055
investor@dxienergy.com

Craig Allison
Investor Relations - New York
914-882-0960
callison@dxienergy.com


OilandGasStockNews.com- investing ideas in oil and gas stocks

Like Oil and Gas Stocks? View our Oil and Gas Stocks Directory

Get News Alerts on Energy Stocks


More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release on the Investorideas.com newswire http://www.investorideas.com/News-Upload/

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.