Funds will also be used for working capital for continuing operations, the Vancouver-based oil company said in a statement.
The oiler plans to issue up to 30 million shares at $0.06 each and has today (Wednesday) closed the initial tranche -- consisting of over 11.5 million shares -- to raise $692,000.
"This new capital will fund the drilling and completion of the next Woodrush halfway pool test in Q1 2019, said DXI CFO David Matheson.
"We expect to receive B.C. Oil & Gas Commission approval, and the issuance of the related drilling license, in short order. We look forward to reporting the status of our drilling operations as they commence later in the quarter."
DXI Energy is an upstream oil and gas exploration and production company operating in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia.
Contact Giles at [email protected]