The oil and gas company, which has assets in British Columbia and Colorado, recently announced it had raised $1.98 million to finance its drill program at the Drake/Woodrush projects in British Columbia.
DXI issued up to 33.05 million shares at $0.06 each in a private platement to raise $1,983,000. Of that, $1.929,000 is cash, raised "under challenging market conditions," noted the firm in a release.
DXI is an oil and gas exploration and production company with projects in Colorado's Piceance Basin and the Peace River Arch region in BC.
The firm also completed the conversion of C$780,000 in secured convertible debt into around 13 million common shares.
The group also reduced G&A (general and administrative) expenses in the first quarter by 23% to around C$296,000 from C$382,000 for the same period a year ago.
In terms of production, for the quarter the firm produced 84 boe/d (barrels of oil equivalent per day), versus 229 boe/d in the first quarter of 2018.
Revenue for the year came in at C$1.9 million versus C$2.8 million in the same period a year ago.
Shares were at C$0.04 on Thursday.
Contact Katie Lewis at [email protected]