The Vancouver-based group is an upstream oil and gas exploration and production company with assets in Colorado’s Piceance Basin and the Peace River Arch region of British Columbia.
Despite challenging market conditions in the oil sector, DXI raised gross proceeds of C$350,000 in the second quarter to support the ongoing development of its Woodrush project.
The Woodrush property, located in Peace River, BC, encompasses three producing oil wells and nine natural gas producing wells. Total output from all its producing wells came in at 84 barrels of oil equivalent per day.
The company also said it had completed the conversion of C$3.5 million in secured convertible debt into 58.3 million shares of the company, as well as converting C$161,000 in accrued interest on a second convertible debt into nearly 2.7 million DXI shares.
It also reduced its general and administrative expenses by 39% over the three-month period ended June 30, 2019. Expenses for the quarter were C$206,000 as compared to C$335,000 during the year-ago period. Revenue for the quarter was C$308,000.
DXI recently appointed industry veteran Simon Raven to take on the role of chairman, president, and CEO of the company and its subsidiaries.
Raven is a professional geologist, and seasoned oil and gas executive with over 20 years of experience in finding, developing, and monetizing oil and gas projects worldwide. He has held senior management positions with a range of Canadian oil and gas companies including Oilsands Quest, Norwest Corporation, and Cenovus Energy.
DXI shares closed at C$0.04 in Toronto on Thursday.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas