DXI Energy to Add Woodrush Petroleum & Natural Gas Reserves

DXI Energy Inc. (TSX:DXI) an upstream oil and gas exploration and production company focused in Colorado’s Piceance Basin and the Peace River Arch region of Canada’s Western Sedimentary Basin, has provided an operational update for its Woodrush project in N.E.B.C.

As quoted in the press release:

DXI reports that the initial well of the 2018 drill program designated to evaluate both Halfway oil and Gething gas targets at Woodrush has yielded the thickest Gething gas pay zone of the entire leasehold to date, logging 29.5’ of net hydrocarbon pay. Reserve volumes will be calculated once the well is in production.  The exploration well, known as B-100 was directionally drilled to a total depth of 3600’ and evaluated several geological zones within the first of our multiple Woodrush targets.

Importantly, this new data will serve to provide a valuable foundation to enhance our current 3D seismic processing and interpretation for application towards future wells and was acquired very cost efficiently as our drill partner covered 62 percent of the costs of this well to the casing point. The Woodrush production profile consists of both light gravity crude & natural gas and we remain both confident and committed to efficiently ramping production and leveraging DXI’s US$12MM infrastructure.

Robert L. Hodgkinson, chairman & CEO, commented:

With an unforeseen licensing delay necessitating a reconfiguration of the drill program and seasonal breakup now upon us, the B-100 well will be cased in preparation for completion and tie-in immediately adjacent to the well head later in the season. As per best operational practices, the Excalibur #10 rig is being de-mobilized from the drill site to safely avoid the approaching seasonal full road ban. Our technical team is working aggressively to optimize all new well data to best define the next 2018 drill targets for all partners.

Click here to read the full DXI Energy Inc. (TSX:DXI) press release.