Dixie Energy Trust Announces Closing of the Fletcher Acquisition

CALGARY, July 3, 2013 /CNW/ - Dixie Energy Trust ("Dixie" or the "Trust") is pleased to announce that it has closed the acquisition (the "Fletcher Acquisition") of additional working interests in Mississippi and Alabama (the "Additional Working Interests") from Fletcher Exploration, LLC ("Fletcher") for a purchase price of US$5,500,000.

In connection with the Fletcher Acquisition, Dixie acquired: (i) an additional 20% working interest in certain oil and gas leases in Monroe and Lowndes Counties, Mississippi (the "Maple Branch Prospect") with a gross acreage of approximately 15,100 acres, increasing Dixie's average working interest to approximately 30% or 4,530 net acres in the Maple Branch Prospect; (ii) an additional 15% working interest in certain oil and gas leases in Monroe County, Mississippi (the "Strong Field Prospect") with a gross acreage of approximately 3,800 acres, increasing Dixie's overall working interest to approximately 60% or 2,280 net acres in the Strong Field Prospect; and (iii) a 25% working interest or 985 net acres in certain oil and gas leases with a gross acreage of approximately 3,940 acres in Conecuh and Escambia Counties, Alabama (the "Queens Prospect", formerly called the Brooklyn Field prospect).  No reserves have been assigned to the Additional Working Interests and no production is associated with the properties subject to the Additional Working Interests.

Rick Fletcher is the Co-Managing Member of Fletcher and the controlling shareholder, Chief Executive Officer and a director of Fletcher Petroleum Corp. ("Fletcher Petroleum"), Fletcher's operating company. Mr. Fletcher is also a director of Dixie Energy Ltd., the administrator of Dixie and the Chief Executive Officer of Dixie Energy Holdings (US), Ltd. (a wholly-owned subsidiary of Dixie) ("Dixie U.S."). Dan Sloan is the Co-Managing Member of Fletcher, the President, director and a shareholder of Fletcher Petroleum and the President of Dixie U.S. Ed Hollingsworth is a director of Dixie U.S. and is the Vice President Geology of Fletcher Petroleum and Christen Burkett is the Secretary-Treasurer of Dixie U.S. and the Vice President of Administration of Fletcher Petroleum. The Fletcher Acquisition is exempt from the valuation and minority approval requirements of Multilateral Instrument 61-101.

About Dixie

Dixie is an energy trust created to provide investors with an oil and gas exploration focused investment. The strategy of Dixie is to acquire, exploit and develop, indirectly through its subsidiaries, long-life crude oil and gas prospects and reserves in the United States gulf coast states, primarily in Mississippi and Alabama.

© 2013 Dixie Energy Trust
All rights reserved. All other trademarks are the property of their respective owners.

SOURCE: Dixie Energy Trust

For further information:

David G. Anderson
T: 403 232 1010

Profil de l'entreprise

Dixie Energy Trust

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.