ALBUQUERQUE, NM -- (Marketwired) -- 04/29/13 -- Homeland Resources Ltd. (OTCQB: HMLA), an emerging oil and gas exploration and production company, is pleased to outline Phase-1 of the proposed drilling program at the Liberty Ridge Project located in Southern Oklahoma.
Homeland and its partners have isolated an initial eight prospects that will represent Phase-1 of the Liberty Ridge drilling program. These prospects are the first of many new wells planned to be drilled at the project over the next several months. All eight prospects in Phase-1 have been sufficiently analyzed and determined to be high-grade targets. The initial drilling date for the first well in Phase-1 is expected to be announced within the next 7 - 10 days. Drilling is expected to continue throughout all of 2013.
At the completion of the Phase-1 drilling, and once the economic viability of the Phase-1 wells have been evaluated, Homeland and its partners intend to determine to what extent additional development wells could be required to fully exploit any new oil and gas discoveries. This could potentially increase the total number of wells drilled at Phase-1 prospects.
"The planned Phase-1 of the Liberty Ridge drill program consists of new wells targeting eight high graded prospects selected from the previously announced and confirmed 34 prospects identified at the project so far," says Armando Garcia, President of Homeland Resources. "These first eight prospects were determined utilizing the project's proprietary 3D seismic database that covers the entire 83,043 acres or 130 square miles that make up the Liberty Ridge area. We look forward to starting the drilling operations at the first target location very soon."
The drilling objectives at the Liberty Ridge Project are to potentially target new oil fields in known productive oil and gas zones in the area such as the 2nd Wilcox sand, 1st Wilcox sand, Trenton dolomite, Simpson dolomite, Viola limestone, Hunton limestone, Bartlesville sand and Redfork sand.
Historically, oilfields in the project area have produced from 1,000,000 to 4,000,000 million barrels of oil from small structural closures of approximately 39 acres up to 225 acres. Six 2nd Wilcox oilfields in the area have produced approximately 13,000,000 barrels of oil from a combined area of only about 785 acres. Homeland anticipates that more analogous oilfields will be found at the Liberty Ridge project area based on numerous structural leads shown in the proprietary 3D seismic data. In addition to locating and developing new productive structures from the sands, dolomites and limestones mentioned above, it is also believed that deeper productive structures will be found in the Tulip Creek sand, McLish sand, Oil Creek sand, Joins sands and Arbuckle limestone.
For more information about Homeland Resources including their oil and gas projects, visit www.homelandresources.com. Stay current on all available information regarding Homeland and the energy sector by connecting with them on their social platforms:
•Twitter: https://twitter.com/homeland_res •Facebook: http://www.facebook.com/HomelandResources •LinkedIn: http://linkd.in/UWbkZ8 •Google+: http://goo.gl/bf2zA
About Homeland Resources
Homeland Resources Ltd. (OTCQB: HMLA) is a performance-driven exploration and production company focused on developing North American oil reserves. Homeland's current focus is on the continued exploration and development of its property portfolio comprised of working interests in the Smoky Hill Project (5% interest) and the Liberty Ridge Project (5% interest) located in Oklahoma. Homeland Resources is also seeking to expand their portfolio to include additional interests in North America.
For more information on HMLA, please visit www.homelandresources.com.
Notice Regarding Forward-Looking Statements: Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
For further information please contact:
Homeland Resources Investor Relations
Homeland Corporate: www.homelandresources.com
Toll-free: (877) 503-4299
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