ALBUQUERQUE, NM -- (Marketwired) -- 05/07/13 -- Homeland Resources Ltd. (OTCQB: HMLA), an emerging oil and gas exploration and production company, is pleased to announce that they, in conjunction with their working interest partners, are scheduled to begin drilling the first prospect well at the multi-well Liberty Ridge Project located in Oklahoma.
Most recently, Homeland announced that Phase-1 of the Liberty Ridge drill program is expected to consist of eight high-graded oil and gas prospects selected from at least 34 prospects identified to date at Liberty Ridge. The spud date for the first well in Phase-1 is now set for the week beginning May 13, 2013 of this year.
"We are very excited that the Liberty Ridge oil and gas exploration and development project finally has a confirmed drilling start date," said Armando Garcia, President of Homeland Resources. "Homeland and its partners have invested a significant amount of time, money and effort to advance the Liberty Ridge project to this stage. Now, we feel that we are poised to realize the potential gains from all that hard work during, what we expect will be, an extremely busy period of drilling."
At present, each individual prospect represents a future potential drill site. After a period of evaluation, each successful and economically viable well could potentially warrant one or more additional development wells to fully exploit the prospect. It is expected that all eight of the prospects included in Phase-1 will be drilled prior to determining to what extent additional development wells will be considered.
The drilling dates for the remaining seven prospects in Phase-1 will be announced when confirmed. Drilling for Phase-1 is expected to potentially take several months, after which point Homeland and their partners will outline details for Phase-2. Drilling at Liberty Ridge for Homeland and their partners is expected to take place from 2013 through 2014.
The exploration and development objectives at Liberty Ridge consist of drilling potential new multi-zone wells targeting 2nd Wilcox sand, 1st Wilcox sand, Trenton dolomite, Simpson dolomite, Viola limestone, Hunton limestone, Bartlesville sand and Redfork sand oilfields.
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 relatively low-risk North American natural gas reserves. Homeland's current focus is on the continued exploration and development of their property portfolio comprised of working interests in the Smoky Hill Project (5% interest) and the Liberty Ridge Project (5% interest) 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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