Canadian-listed DXI Energy has released the results from its most recent drilling operations in Northeast British Columbia.
DXI Energy (TSX: DXI,OTCQB: DXIEF) has released the results from its drilling operations in Northeast British Columbia.
As quoted from the press release:
DXI Energy an upstream oil and natural gas exploration and production company operating projects in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia, today announces the Company has reached TD at its b-089-E/94- H-1 drilling location at Woodrush in NE British Columbia.
Final logs of the wellbore indicate 19.8 ft. of high quality Gething gas pay to complement the company’s growing Gething natural gas reserves at Woodrush. Further, while the well encountered 16.5 ft. of oil-stained Halfway sand, the interval is not conventional in reservoir quality. The Company has run production casing, primarily to allow for future production of the Gething natural gas interval when natural gas markets improve. The drilling and casing operation was completed under budget and without any technical and safety issues.
At least one and possibly two additional Gething gas locations were delineated by the b-089-E/94-H-1 well. Of particular significance, the Company intends to explore the economics of horizontally drilling and fracing this “unconventional” Halfway interval once the cuttings from the reservoir have confirmed the degree of oil saturation required to do so effectively.
President Sean Sullivan states,”We requested the Board in early December, 2018 to appoint me as president & CEO. We implemented a number of initiatives to create value for all shareholders. Key objectives were to a) reduce cash operating expenses and interest payments to the bare minimum; b) to source capital for the Company’s exploration efforts; c) to add Mr. Ed Aabak of Denver, Colorado, to complement Mr. Stan Page of Dallas, Texas, both seasoned oil and gas industry professionals, to the Company’s Board of Directors; d) to work cooperatively with the three First Nations impacted by our operations at Woodrush; e) to eliminate in perpetuity cash compensation for the Chairman and President & CEO; f) to obtain our required drilling license for b-089-E/94-H-1 on a timely basis, and g) to eliminate, in full, the US$6,980,000 “Financial Contract Liability” on the company’s balance sheet during 2018. All these objectives have been accomplished. While we acknowledge our disappointment in the “conventional” Halfway result in this well, we will continue to implement our expanding operational plan in NE B.C. to create value for all our stakeholders.”