DXI Energy Inc. (TSX:DXI.TO) (OTCQB:DXIEF) (“DXI” or the “Company”), an upstream oil and natural gas exploration and production company operating projects in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia today announced that the implementation of operational enhancements by the new project operator designed to significantly improved production efficiency at the Kokopelli gas/liquids field. By leveraging existing facilities nearby, owned by operator TEP of Houston Texas, and spreading the Kokopelli operational costs over a large number of production wells, the operator is significantly reducing or eliminating key current expenses associated with Kokopelli such as labor, supervision and chemical costs. As a result, DXI expects to experience a net revenue improvement of approximately 100% for its current U.S. production profile. Additionally, it should be noted that Nymex gas price has risen in recent weeks to approximately US$3.25 per mmcf, a 20%+ improvement over the 1st half of 2018, proceeds of which should also be noticeable in monthly net revenues. DXI Energy, through its U.S. subsidiary, maintains an ownership position of 25% WI in this 2,200 acre HBP property. The Kokopelli project hosts 12 production wells, including a 12000’ Mancos discovery, a state-of-the-art PWD facility and an inventory of over 250 undrilled locations to access the Williams Fork and/or Mancos, the two primary producing hydrocarbon horizons of this Basin. About DXI ENERGY INC. DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada and has been producing commercial quantities of oil and gas since 2008. The company is publicly traded on the Toronto Stock Exchange (DXI.TO) and the OTCQB (DXIEF).
While you will hear some miners and energy guys complain about First Nations issues the fact is that First Nations people simply want a fair share of the economic activity on their lands. Plus, in Northern BC or the Yukon, First Nations are a readily available source of the workforce mining and energy companies need.
While MotherlodeTV.net is focussed on mining stories, the energy sector is warming up again. Even before the recent events in Saudi, oil prices have been rising and the Brent oil price just broke $60 a barrel for the first time since 2015. Positioning to take advantage of the firming oil price is challenging. Especially with the uncertainty which surrounds both heavy oil plays and fracking.