VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/29/13 -- Doxa Energy Ltd. (TSX VENTURE: DXA)(OTCBB: DXAEF)(FRANKFURT: 5D0) ("Doxa" or the "Company") today released the Company's NI 51-101 Statement of Reserves Data and Other Oil & Gas Information along with the audited consolidated financial statements and related Management Discussion and Analysis for the year ended December 31, 2012. The audited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards. All documents are available at www.sedar.com.
Full Year 2012 Highlights
-- Net Income of $294,832, or $0.01 per share on increased revenues of $2,153,519, as compared with a net loss of $3,675,558, or $(0.12) per share in 2011, on revenues of $1,313,123. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the year were $1,469,614 compared to $(2,706,821) in 2011.-- Net production for the year was 58.4 MBOE, a two-fold increase over the 2011 total of 22.7 MBOE.-- Increased proved reserves to 486.4 MBOE at December 31, 2012, more than double the previous year-end total of 234.2 MBOE.-- Increased PV-10 value of proved reserves by 54% over prior year, before tax, to $10,959 million, as compared with $7.107 million at the end of fiscal year 2011.
As of December 31, 2012 Doxa owned interests in 22 wells in production with 8 additional wells in various stages of drilling and completion. The producing wells include 4 conventional wells completed in the Wilcox formation, and 18 producers within the Mississippian Lime Play of northern Oklahoma, or Eagle Ford Shale trend of south Texas.
The Company also reports as of year-end 2012 it owned interests in 17,686 gross undeveloped acres of leasehold, being 3,480 net acres, as compared with 25,708 gross and 4,993 net at December 31, 2011.
Overall, Doxa management expects to participate in a total of 27 gross wells during 2013. The plan includes 3 conventional wells targeting the Frio and Wilcox formations on the Texas Gulf Coast and 24 horizontal wells within the Mississippian Lime Play of northern Oklahoma.
John D. Harvison, President and CEO, commented today that:
"During 2012 we established significant momentum for the Company, which is continuing in 2013. In 2012 we were able to double our production and reserve growth over the same period a year ago. We have continued to de-risk our net acreage position in the Mississippian Lime Play which we believe will provide years of potential growth for Doxa, and ultimately deliver attractive financial returns for our shareholders."
Financial Summary - Full Year 2012
For the year ended December 31, 2012 the Company experienced a net income of $294,832 as compared to a net loss of $(3,675,558) in 2011. The earnings per share was $0.01 as compared to loss per share of $(0.12) in 2011. EBITDA for the year were $1,469,614 compared to a loss before interest, taxes, depreciation and amortization of $(2,706,821) in 2011. During the period the Company realized a gain on the sale of various undeveloped properties, as well as a recovery of impairment of property and equipment, which are incorporated in the financial results.