CALGARY, March 21, 2013 /CNW/ - Dixie Energy Trust ("Dixie" or the "Trust") is pleased to announce that it has drilled and completed two horizontal oil wells ("Holliman #1" and "Holliman #2") in the Maple Branch field, Mississippi. Dixie anticipates bringing both wells on production in the coming weeks.
"We are encouraged by the drilling results of both wells," said Rick Fletcher, chief executive officer of Dixie. "This region has a long history of oil and gas production from vertical wells and we are excited about opportunity to apply horizontal drilling technology to create economic value for our shareholders and the community."
Dixie owns a 15% working interest in Holliman #1 and a 20% interest in Holliman #2.
Further information in respect of Dixie can be accessed via the SEDAR website at www.sedar.com.
Dixie is a recently formed 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, primarily in Mississippi and Alabama.
Forward-Looking Statement Disclaimer
This press release may contain forward-looking statements and forward-looking information, including statements regarding Dixie's current expectation that it will be able to bring on production from Holliman #1 and Holliman #2 in the coming weeks; and Dixie's plans to apply horizontal drilling technology to its properties and its expectations that such operations may create economic value for its shareholders and the community. The words "believe", "expect", "intend", "estimate", "anticipate", "project", "scheduled", and similar expressions, as well as future or conditional verbs such as "will", "should", "would", and "could" often identify forward- looking statements and forward-looking information.
With respect to forward-looking statements contained herein, Dixie has made assumptions regarding, among other things: the absence of any operational or other interruptions that could have the effect of delaying, postponing or otherwise preventing Dixie from bringing the expected production from Holliman #1 and Holliman #2 on-stream; the availability of third party service providers and infrastructures to enable Dixie to bring its expected production on-stream; and the anticipated benefits of horizontal drilling techniques compared to conventional vertical drilling techniques. Although Dixie believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Dixie's actual performance to differ materially from any expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the risks and uncertainties associated with the oil and gas industry generally, and particularly in the United States, including Mississippi and Alabama, including political, regulatory, environmental and other legal risks; the risk that there is a lack of availability of third party service providers and infrastructures to enable Dixie to bring its expected production on-stream in the timeframes expressed herein, or at all; the risk that Dixie may not achieve production targets, or that production volumes decline sooner than expected that have the effect of delaying or preventing Dixie from bringing its expected production on-stream in the time periods anticipated, or at all; and the risk that horizontal drilling and other exploration technologies used will not provide conclusive proof prior to drilling a well that crude oil is present or may be produced economically and that it will not provide the expected benefits expressed herein. Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although Dixie believes that the expectations represented by such forward-looking-statements and forward-looking information are reasonable based on the information available to them on the date of this press release, there can be no assurance that such expectations will prove to be correct. Except as expressly required by applicable securities laws, Dixie does not undertake any obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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© 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