Doxa issued the following progress report on its Eagle Ford operations, South Texas.
Multi-stage fracture stimulation operations have successfully been completed on the Epley No. 1-H in McMullen County, Texas, and flow back of the well has commenced. Doxa management is encouraged by early indications and results will be reported once all such operations are complete. Pipeline and facility construction is under way as a result of the establishment of commercial production from the Epley project. The Epley No. 1-H is the first horizontal well in which Doxa has participated within the prolific Eagle Ford Shale trend of South Texas. Doxa owns a 15% working interest with a respective 11.25% net revenue interest under this project, which is operated by San Isidro Development Company. Subject to commercially viable results on this initial well, Doxa expects that up to 5 gross wells may ultimately be drilled on the Epley project.
Doxa also reported that drilling operations have commenced on the initial horizontal well on the Peeler Project, its previously announced qualifying transaction. The Peeler No. 1-H, operated by Dewbre Operating Co. of Corpus Christi, Texas, will also be targeting the Eagle Ford Shale. Based on projected well spacing as reported by other oil companies operating on contiguous Eagle Ford Shale projects, Doxa estimates that as many as 10-14 wells could ultimately be drilled on the Peeler Project. The Company owns a 20% working interest together with a 15% net revenue interest under the Peeler Project.
Eagle Ford Overview
On an aggregate basis, Doxa currently owns or has the right to acquire working interests ranging from 13% to 20% under 4,832 gross acres and expects to be involved in 3 wells in the Eagle Ford Shale trend this year followed by additional wells in 2011. Based on current spacing assumptions, over 35 gross wells could ultimately be drilled on acreage under which the Company owns rights. Doxa's management has several new Eagle Ford projects under consideration for participation and anticipates further announcements in this regard will be made.
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