Tuesday, July 19, 2011
Doxa announced the successful completion and commencement of production from its Martin-State Gas Unit No. 1 well, a high rate, Wilcox formation gas condensate well in McMullen County, Texas. The Company expects that production from this well will add substantially to its monthly net cash flow, and will achieve payout within one year.
This is the Company's first of 2-3 wells planned on its 623 gross acre County Line Prospect, in which Doxa owns a 14.0625% working interest and a respective 10.4867% net revenue interest. Hurd Enterprises, Ltd. of San Antonio, Texas, is the designated Operator of this prospect.
After drilling the well to a total depth of 11,800', the well was initially completed in the lowermost pay interval from 10,466-10,482'. During the 4-point production test, the well flowed naturally at the high rate of 4,297 MCFPD and 101 BCPD on a 12/64" choke with 5,945 psi tubing pressure. The well was placed on-line last month flowing at a restricted rate of approximately 3,200 MCFPD, 60 BCPD and 5 BWPD. As stated, additional wells are expected to be drilled on the project, and Doxa will maintain its 14.0625% working interest in any such subsequent operations or wells.
"The success of the Martin State No. 1 is meaningful not only for the immediate impact on our sales and profitability but also for the increased potential in the balance of our County Line Prospect along with our other Wilcox prospect holdings," stated John D. Harvison, President and CEO of Doxa. In addition, he stated, "The performance of this well validates our team's analysis of this area for prolific Wilcox hydrocarbon potential."
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