Vancouver, British Columbia--(Newsfile Corp. - June 4, 2020) - DXI Energy Inc. (TSX: DXI) (OTCQB: DXIEF) ("DXI" or the "Company"), an upstream oil and natural gas exploration and production company, historically operating projects in Colorado's Piceance Basin and the Peace River Arch region in British Columbia, today announced that the it has completed the sale of its wholly-owned Canadian subsidiary, Dejour Energy (Alberta) Ltd. ("DEAL"), which includes all corporate assets in the Peace River Arch region of British Columbia.
All the issued and outstanding shares of DEAL have been sold to privately-held Tobinsnet Oil & Gas Ltd. (the "Purchaser"), a Calgary-based E&P company for an undisclosed price inclusive of the assumption of all current and accruing liabilities of DEAL. Notably, the secured holders of the senior debt of DXI Energy Inc. fully released and discharged the first mortgage on all DEAL assets and share capital.
Additionally, DXI announces the appointment of Robert L. Hodgkinson as CEO and David Cross, CPA as CFO effective immediately, who, with independent board members Ron Bozzer and Ross Gorrell, will complete the transition of DXI from the energy business. This will include a special AGM in August to consolidate the share capital, equitize debt and interim finance the Company. Shareholder liquidity will be maintained through listing on an appropriate exchange, pending the realization of new business opportunity.