Dixie Energy Trust Announces Closing of the Black Warrior Basin Acquisition
05 Aug, 2014, 06:00 ET
CALGARY, August 5, 2014 /CNW/ - Dixie Energy Trust ("Dixie" or the "Trust") is pleased to announce that it has closed the previously announced acquisition of interests in certain oil and gas properties in the Black Warrior Basin in Mississippi for US$8 million (prior to customary purchase price adjustments) (the "Acquisition"). As part of the Acquisition, Dixie's indirect wholly-owned subsidiary, Dixie Energy (US), Inc. has assumed operatorship of the wells that are jointly owned by Dixie and its other working interest partners in the Maple Branch prospect in Mississippi.
Post-Acquisition, Dixie's approximate net acreage position is 11,600 acres in Maple Branch, 3,800 acres in Strong and 2,000 acres in Hamilton & West McKinley Creek. Additionally, Dixie has increased its net royalty interest by approximately 2% in the undeveloped Maple Branch, Strong and Hamilton West McKinley lands.
About Dixie Energy Trust
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. Additional information is available on http://www.DixieEnergyTrust.com
© 2014 Dixie Energy Trust
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SOURCE: Dixie Energy Trust
For further information: Ian Atkinson, President & CEO or David G. Anderson, Chairman, T: 403 232 1010
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