Doxa Takes Stake in Tx. Project
Doxa announced the following recent development regarding its increasing level of activity.
SARCO CREEK 3D PROJECT ACQUISITION
Doxa has finalized the acquisition of a thirty percent (30%) interest in the Sarco Creek 3D Project, where preliminary line clearing and related field operations have already been commenced. The Sarco Creek 3D Project is a proprietary 3D seismic acquisition program onshore along the Gulf Coast in Bee and Goliad Counties, Texas. This is the latest in a series of acquisitions by the Company furthering its stated goal of assembling a diverse portfolio of high quality projects in which to participate. As stated, Dynamic Production, Inc. ("Dynamic"), managing partner of the project, has commenced field operations and expects data acquisition and data processing to be completed on or about December 31, 2010. During the course of the project, proprietary 3D seismic data covering approximately 40 square miles (25,600 acres) will be acquired and subsequently evaluated on behalf of Dynamic, Doxa and the other venture partners. The primary objectives within the Sarco Creek 3D Project include oil and gas development opportunities in the Miocene and Frio formations above 5,000', with secondary objectives being deeper Vicksburg, Yegua and Wilcox sands. There are many wells within the area encompassed by the subject program that have produced in excess of 200,000 barrels of oil equivalent (BOE) on an individual well basis from the shallower formations. This acquisition was contemplated by a Letter of Intent previously entered into between Dynamic and Doxa.