DXI Energy Inc. (
TSX:T.DXI,
OTCQB:DXIEF,
Forum) on Monday released an operational update for its Woodrush project in northeastern British Columbia.
“We are pleased to report that we are in receipt of licenses and permits required to mobilize a rig to spud the first of several exploration wells intended to demonstrate high potential targets delineated by the Q3 and Q4 integration and re-interpretation of multiple 3D surveys over much of the company’s 13,000-acrea leasehold at Woodrush northeastern B.C.,’’ said Robert Hodgkinson, DXI’s Chairman and CEO.
“The commencement of this drilling phase is a very exciting time for the company and we remain confident in our plan to significantly extend our existing oil pools south and east of the current producing wells and surface facilities while maximizing both netbacks and IRR,’’ he said.
“With $12 million of in-place gathering and production infrastructure, and a legacy production profile featuring conventional, light oil pool production, DXI is well positioned to be a highly attractive and most sustainable low cost producer in Fort St. John.”
Permit applications for the Woodrush drilling program were approved by the appropriate regulatory authorities on March 9, 2018.
More information can be found
here.
DXI Energy was in the news recently when the company said its oil program has attracted a major investor.
Full Disclosure: DXI Energy Inc. is a paid client of Stockhouse Publishing.