ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

DXIEF DXI Capital Corporation (CE)

0.0002
0.00 (0.00%)
16 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
DXI Capital Corporation (CE) USOTC:DXIEF OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0002 0.00 01:00:00

Report of Foreign Issuer (6-k)

06/11/2015 11:02am

Edgar (US Regulatory)



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of NOVEMBER, 2015

Commission File Number: 001-33491

DXI ENERGY INC.
(Translation of registrant's name into English)

598-999 Canada Place Vancouver, British Columbia V6C 3E1 Canada
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ x ] Form 20-F   [           ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [           ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [           ]


SUBMITTED HEREWITH

Exhibits

 99.1 News Release dated November 5, 2015


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  DXI Energy Inc.
  (Registrant)
     
Date: November 5, 2015 By: /s/ David Matheson
   
    David Matheson
  Title: Chief Financial Officer





DXI Energy Reports Q3 2015 Results
Records Positive Cash Flow from Operations with 68% Increase in Production

VANCOUVER, BRITISH COLUMBIA, November 5, 2015 - DXI Energy Inc. (NYSE MKT: DXI) (TSX:DXI.TO) ("DXI" or the "Company"), an upstream oil and gas exploration and production company operating in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia, today announced its financial results for the three and nine month periods ended September 30, 2015. All share and per share amounts reflect the one-for-five share consolidation that occurred on October 30, 2015.

Q3 2015 Key Financial and Operating Highlights:

1.

Extended the $6.5 million bridge financing from a Director and Officer ($4.5 million) and a company associated with the Director and Officer ($2.0 million) in their current form until December 31, 2015;

   
2.

Increased oil and natural gas production by 68% to 643 BOE/d from 382 BOE/d for the comparative period ended September 30, 2014;

   
3.

Reduced G&A expenses per BOE by 66% to $7.25 per BOE from $21.57 per BOE for the comparative period ended September 30, 2014; and

   
4.

Commenced production testing of seven drilled and cased Williams Fork wells and a single deep vertical Mancos/ Niobrara well at the Kokopelli Project in the Piceance Basin, Colorado. The tests extended into Q4 2015 and resulted in the deep 13600’ Mancos/ Niobrara discovery selectively flowing at over 8 mmcf/d (~1300 BOE/d) and the seven Williams Fork wells collectively flowing over 6 mmcf/d plus liquids with at least 60% of completion fluids yet to be recovered. Testing is ongoing and daily flow rates vary in accordance to line pressures and injected water recovery. IP rates to be applied for YE evaluations are expected to be reported during late Q4 2015. DXI Energy maintains a 25% WI in the Project.



CORPORATE SUMMARY – THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015

OPERATIONS Three months ended
September 30,
Nine months ended
September 30,
  2015 2014 Change 2015 2014 Change
Production            
   Oil and natural gas liquids (bbls/d) 385 210 83% 320 189 69%
   Natural gas (mcf/d) 1,546 1,036 49% 1,425 1,841 -23%
   Combined (BOE/d) 643 382 68% 558 496 12%
             
Realized sales prices (1)            
   Oil and natural gas liquids ($/bbl) 52.63 96.07 -45% 55.91 92.52 -40%
   Natural gas ($/mcf) 2.28 4.28 -47% 2.38 5.71 -58%
             
Operating expenses (2)            
   Oil operations ($/bbl) 11.74 27.93 -58% 14.89 26.48 -44%
   Natural gas operations ($/mcf) 2.47 3.55 -30% 3.15 3.77 -16%
             
Operating netback (3)            
   Oil operations ($/bbl) 30.14 51.94 -42% 30.24 50.27 -40%
   Natural gas operations ($/BOE) -1.57 2.71 -158% -5.00 5.94 -184%
             
General and administrative expenses ($/BOE) 7.25 21.57 -66% 10.71 17.54 -39%
             

Notes:
(1)

Decrease reflected lower benchmark oil and natural gas prices in Canada and the rest of the world.

(2)

Decrease resulted from the allocation of fixed operating costs over a higher oil production volume. This was offset by the costs associated with the reactivation of one of the gas wells at Drake/Woodrush and higher contractual pipeline transportation costs associated with a new contract signed on November 1, 2014.

(3)

Decline due to the reduction in oil and natural gas prices.



FINANCIAL (CA$ thousands,
except per share)
Three months ended
September 30,
Nine months ended
September
30,
  2015 2014 Change 2015 2014 Change
             
Revenue 2,189 2,257 -3% 5,811 7,639 -24%
Royalties 389 339 15% 966 1,292 -25%
             
Cash flow (1) 628 250 151% 696 605 15%
Cash flow per share (basic) 0.02 0.01 0% 0.02 0.02 0%
Cash flow per share (diluted) 0.01 0.01 0% 0.02 0.01 0%
             
Net income (loss) -1,608 -1,620 -1% -3,281 -3,872 -15%
Basic ($/common share) -0.04 -0.05 0% -0.09 -0.12 0%
Diluted ($/common share) -0.04 -0.05 0% -0.09 -0.12 0%
             
Capital expenditures, net of            
dispositions 2,641 124 2,030% 4,502 1,463 208%
             
Weighted average common shares
outstanding (thousands)
           
Basic 36,493 35,648 2% 36,490 32,151 13%
Diluted 36,493 35,648 2% 36,490 32,151 13%
             
Debt, net of working capital       11,249 2,556 340%

Note:
(1)

“Cash flow” is a non-GAAP measure calculated by adding back settlement of decommissioning liabilities and change in operating working capital to cash flows from (used in) operating activities. See “Non-GAAP Measure” below for details.

SUPPLEMENTAL FINANCIAL INFORMATION – NON-GAAP MEASURE

    Three months ended     Nine months ended  
    September 30,     September 30,  
(CA$ thousands)   2015     2014     2015     2014  
                         
Cash flows from (used in) operating activities   598     (509 )   693     (454 )
Change in operating working capital   30     759     3     1,059  
Cash flow   628     250     696     605  

Share Consolidation Amendment

DXI announces that it has amended the number of issued post-consolidation shares from 36,494,609, as reported on October 27, 2015, to 36,494,351. The amendment is due to a correction in a fractional rounding calculation.



About DXI ENERGY INC.

DXI Energy Inc. is an upstream oil and natural gas exploration and production company operating projects in Colorado’s Piceance Basin (39,998 net acres) and the Peace River Arch region in British Columbia (14,444 net acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The company is publicly traded on the New York Stock Exchange (NYSE MKT: DXI) and Toronto Stock Exchange (DXI.TO).

Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by DXI Energy and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect DXI Energy Inc.’s operations or financial results, are included in DXI Energy Inc.'s reports on file with Canadian and United States securities regulatory authorities. Other risks include the Company's ongoing review by NYSE MKT ("the Exchange") to ensure the Company continues to regain compliance with Section 1003(a)(iv) of the Company Guide which addresses a Company's ability to operate as a going concern. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

Follow DXI Energy's latest developments on: Facebook http://facebook.com/dxienergy and Twitter @dxienergy.

Contact:
DXI Energy Inc.
Robert L. Hodgkinson
Chairman & CEO
604-638-5055
investor@dxienergy.com

Craig Allison
914-882-0960
Investor Relations - New York
callison@dxienergy.com


1 Year DXI Capital (CE) Chart

1 Year DXI Capital (CE) Chart

1 Month DXI Capital (CE) Chart

1 Month DXI Capital (CE) Chart