Doxa Energy Ltd. announced the results of its 2012 drilling operations in the Mississippian Lime Play and other areas. The company reported that it has participated in a total of twenty-one gross wells in the Mississippian Lime Play of northern Oklahoma; sixteen in 2012 and five to date in 2013. The majority of the wells are being operated by either SandRidge Exploration and Production, LLC or Chesapeake Operating Inc., both of Oklahoma City.

Fifteen of the wells Doxa has participated in are producing, one is shut-in and five are in the process of being either drilled or completed at this time. Based on the current level of activity the company expects to participate in about thirty additional gross wells (one net well) in 2013, with an estimated drilling/completion capital requirement of $3.7 million. To date, the company has invested approximately $1.75 million in drilling and completing the fifteen producing wells, which are currently collectively generating approximately $91,000 in net revenue per month after deduction for royalty and taxes.

Lease operating expenses on average account for approximately 16% of the revenue stream. Doxa's interests in these wells range from 1%-5% for an average of 3.2% working interest in each well, for an equivalent total of 0.48 net wells. Estimated drilling and completion cost, net to Doxa's interest, averages $117,000 per well.

In addition to the foregoing update on its Mississippian operations, Doxa reported results of drilling operations with respect to three additional conventional wells. On its Sarco Creek project in Goliad County, as of this date the company has participated (30%) in two out of four planned initial test wells, both of which have been drilled to 5,300 feet and evaluated. Neither well encountered commercial quantities of oil and gas, and therefore both were plugged and abandoned.

Even the initial two wells were not successful the information gained from these wells is important in the process of further calibrating the seismic data previously acquired for this project. Management expects to have more favorable results going forward, and in this regard two additional test wells are planned for second quarter 2013. Doxa share of the drilling cost for each of the two wells drilled to date is $120,000 for its 30% share.