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DXI Energy completes sale of Canadian energy business; appoints new CEO and CFO

The group's subsidiary Dejour Energy (Alberta) Ltd (DEAL) has now been sold for an undisclosed price to Tobinsnet Oil & Gas

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Robert L. Hodgkinson has been appointed DXI's chief executive officer and David Cross its chief financial officer

DXI Energy Inc (TSE:DXI) (OTCQB:DXIEF) said it has now completed the sale of its wholly-owned Canadian energy business to privately held E&P group Tobinsnet Oil & Gas Ltd and has appointed a new CEO and finance chief.

As reported in April this year, the firm was planning a sale of its hydrocarbon assets, including its Woodrush production facility in BC and its Kokopelli gas project in Colorado.

READ: DXI Energy on the hunt for new business, puts energy assets up for sale

In a statement, DXI revealed that all the issued and outstanding shares in its Dejour Energy (Alberta) Ltd (DEAL) subsidiary have now been sold for an undisclosed price, which includes an assumption of all its current and accruing liabilities.

The secured holders of DXI's senior debt have fully released and discharged the first mortgage on all DEAL assets and share capital.

In the statement, DXI also noted that Robert L. Hodgkinson has been appointed its chief executive officer and David Cross, chief financial officer, with immediate effect.

The pair, alongside independent board members Ron Bozzer and Ross Gorrell, will complete the transition of DXI from the energy business.

"This will include a special annual general meeting (AGM) in August to consolidate the share capital, equitize debt and interim finance the company. Shareholder liquidity will be maintained through listing on an appropriate exchange, pending the realization of a new business opportunity," the group added in the brief statement.

Contact the author at giles@proactiveinvestors.com

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