DXI Energy Inc. (TSX:DXI) (OTCQB:DXIEF) ("DXI" or the "Company"), an upstream oil and gas exploration and production company operating in Colorado's Piceance Basin and the Peace River Arch region in British Columbia, tomorrow mails shareholders details for its AGM and Special Shareholders Meeting to be held June 2, 2017, already posted on SEDAR.
After extensive deliberation, the independent members of the board of DXI have approved a series of initiatives to create incremental real value for stockholders. Subject to shareholder approval, these steps include:
Upon completion, DXI will emerge well positioned to move forward free of the financial encumbrances that have limited its endeavours to expand and develop during the past thirty-month downturn in the commodity markets.
DXI's current energy portfolio features two highly regarded North American producing assets. In the Piceance Basin, Colorado, more than US$40mm has been expended to initiate development of the 2,250 acre Kokopelli Project resulting in twelve producing wells, including a new 13000' Mancos gas discovery and the infrastructure to handle many more. A recent U.S. Geological Survey report states that the Mancos shale in this Basin contains forty times more natural gas than previously estimated validating its rank as one of the top two largest containments of natural gas in the U.S. In NE British Columbia, the 14000+ acre Woodrush Project, hosts four oil wells and nine gas wells in production since 2009, includes over $13 million in Company-owned production facilities and pipelines
"As Chairman, the Company's largest shareholder and its largest debtholder, I invite all stakeholders to support these strategic initiatives and participate with us to preserve and enhance our existing investments and create a productive transformational event," states Robert L. Hodgkinson, CEO.
ABOUT DXI ENERGY INC.:
DXI Energy Inc. is an upstream oil and natural gas exploration and production company operating projects in Colorado's Piceance Basin (25,684 net acres) and the Peace River Arch region in British Columbia (14,444 net acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The company is publicly traded on the Toronto Stock Exchange (DXI.TO) and the OTCQB (DXIEF).
SOURCE: DXI Energy Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.