XnE has signed an operating contract with US-based Petroleum Energy Management Co (PEMCO) to develop and manage its oil properties within the mid-continent marginal well market section.

PEMCO will oversee the operations of XnE’s Doshier Project in Nowata County in the US state of Oklahoma, and will develop its expansion plans, administer drilling programs and advise in evaluating and acquiring other oil assets within the region.

XnE president Imran Firoz said that this agreement will have an immediate impact in the implementation of Doshier Project.

"PEMCO’s local area knowledge gives a competitive advantage to screen and source various acquisition prospects in the region," Firoz said.

XnE is engaged in acquisition, development and production of oil and gas properties in the US.