NORTHRIDGE, Calif., May 13, 2011 /PRNewswire/ -- XnE, Inc. (Pink Sheets: XNEZ.pk - News) reported today that the Company has entered into sales & purchase agreement to acquire working interests in the Doshier Project Oil and Gas leasehold located in Nowata County, Oklahoma that covers approximately 80 acres. The Company's preliminary estimation of average recovery rate in Nowata County is roughly up to 3,500 barrels per acre. Nowata County is located in the Central Oklahoma platform, where it merges with the Cherokee basin of southeastern Kansas, in which some of the first commercial oil discoveries for the mid-continent region were made.
The initial oil production on the Doshier Project shall be from the Bartlesville Sand. The first phase of our recompletion program involves reworking the existing seven (7) Bartlesville oil wells plus one (1) saltwater injection well in the Bartlesville formation. After evaluating the initial production plan, the Company shall analyze its behind the pipe opportunities such as the Red Fork Sand.
"We look forward to growing and developing the Doshier Project in order to increase our production revenues and to improve the cash flow of the company. The project is scalable and its strategic location provides us tremendous opportunity to expand our business in the state of Kansas," said Imran Firoz, President of XnE, Inc.
About the Company
XnE, Inc. is a domestic onshore oil and gas acquisition corporation based in Northridge, California which is engaged in acquisition, development, and production of oil and gas properties in the United States. XnE is committed to grow its current production rate by implementing an aggressive acquisition strategy that is based on a positive outlook in the oil and gas sector and finding opportunistic deals with mineral owners.
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Imran Firoz, President
T: +1 818.300.5792, F: +1 818.975.5775, E: [email protected]
SOURCE XnE, Inc.