Doxa Energy Down 2%, Reversing Gains After Saying 5 Well Interests Moving to Production
Doxa Energy Ltd. (DXA.V) slid negative late Tuesday despite its earlier announcement that it has interest in five wells in production or in the process of being placed in production.
The company said in a statement it expects that all five wells should be producing and accruing cash flow by June 1st of this year. These wells include the Peeler Ranch No. 1-H, Epley No. 1-H, Sartain Assets Oil Unit No. 1-H, Koehn No. 1 and Martin-State Gas Unit No. 1.
Furthermore, Doxa management reported that as a result of its success related to the projects encompassing these wells, it intends to significantly increase its cash flow in the second half of 2011 by capitalizing on numerous low risk, development wells offsetting those mentioned above. Doxa will participate in as many as eight new wells in the remainder of 2011.
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