HOUSTON, TX -- (Marketwired) -- 08/20/13 -- Holloman Energy Corporation (OTCQB: HENC) ("Holloman") updates its shareholders and other interested parties on its Cooper Basin strategy and operations.
"Despite disappointing news on our Wolfman #1 exploration well, we remain highly optimistic about the success of our Cooper Basin assets," stated Mark Stevenson, Holloman CEO. "We intend to study next steps on PEL 112, but will move ahead with exploration of PEL 444 as quickly as possible."
Acquisition of 80 square kilometers of 3D seismic data on PEL 444 (the "Wingman Survey") began May 28, 2013, and was completed on July 2, 2013. The Wingman Survey fulfills Holloman's minimum work requirements for PEL 444 License Year Three. Processing of data from the Wingman Survey is 30% complete. Final interpretation of survey results is anticipated in October 2013. The timing of follow-on drilling on PEL 444 will be announced when a target date is determined.
Holloman currently holds working interests in PEL 112 (comprised of 2,196 square kilometers - 542,643 gross acres) and PEL 444 (comprised of 2,358 square kilometers -582,674 gross acres). Both licenses are located on the southwestern flank of the prolific Cooper Basin in the State of South Australia. Holloman and its venture partners intend to continue their pursuit of a six well exploration program covering both licenses.
Investment in Australia's Cooper Basin remains strong. During February 2013, Chevron announced plans to invest up to $349 million with Australia's Beach Energy in a search for Cooper Basin shale gas. Infrastructure investment on the Western Flank continues with the construction of additional bridges, roads and product flow lines.
During 2012 and 2013 (to date), Western Flank oil discoveries have been made near PEL 112 in PEL 91 (Kalladeina 2, Sceale 1, Congony 1, Pennington 1 and Bauer North 1), PEL 92 ( Rincon North1, Windmill 1), and; further north nearer PEL 444 in PEL 111 (Mustang 1 -- flowing 2,500 barrels per day on drill stem test), PEL 104 (Spitfire 2), and PPL 240 (the Snatcher field -- producing over 1,000 barrels per day). These discoveries flowed from the Namur sandstone and Birkhead formation, and add to a robust history of successes which identify the Western Flank of the Cooper Basin as one of Australia's hot oil trends.
A photo accompanying this release can be viewed here: https://www.issuerdirect.com/corporate/mediaroom/69183.
Holloman and its venture partners are evaluating log and sidewall core data generated during its drilling of the Wolfman #1 exploration well on PEL 112. The drilling of Wolfman #1 fulfilled Holloman's minimum work requirement for PEL 112 License Year Five. Seismic data has been acquired on only 5.7% (31,382 of 542,643 acres) of the land comprising PEL 112. Holloman believes significant potential remains for future seismic to identify migration trends and additional prospects on PEL 112 during the next exploration term.
Holloman is focused on exploring and producing oil in Australia's Cooper Basin. Holloman's Cooper Basin licenses include interests in PEL 112 and PEL 444 which comprise 4,554 km2 (1.125 million acres) on the Western Margin of Australia's Cooper - Eromanga Basin.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to publicly update any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS
Holloman Energy Corporation
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2384822
Holloman Energy Corporation
Most Popular Stories
- SpaceX's Satellite Launch Is 'Game-Changer'
- Reid Confident Congress to Pass Immigration Bill
- Maui Visitor Killed in Shark Attack
- Donors Abandon GOP Over Gun Stance
- Mexico: 'Extremely Dangerous' Radioactive Material Stolen
- CEOs More Optimistic About Economy, Hiring
- Climate Change Early Warning System Urged
- Private Sector Employment Surges by 215,000 Jobs
- Newtown 911 Tapes Being Released Today
- Wisconsin Gov. Campaign Aide Fired Over Tweets