Doxa to Participate in Seismic Acquisition Project on Tx. Gulf Coast
Doxa has entered into a Letter of Intent providing that it may acquire up to a forty percent (40%) interest in a new on-shore proprietary 3D seismic project covering more than 35 square miles (22,400) acres along the Texas Gulf Coast. The primary objectives of the project include oil and gas development opportunities in the Miocene and Frio formations above 5,000', with secondary objectives being deeper Wilcox sands. Dynamic Production, Inc. ("Dynamic") will serve as operator and manager of this project. The field operations are expected to begin in third quarter, 2010. Permitting of the project is nearly complete and Dynamic is in the process of obtaining the project's final lease options. Doxa intends to release additional information on this project once final permits and options are secured. The terms of the executed Letter of Intent provide for closing of the transaction by August 30, 2010.