Holloman Energy Cooper Basin Update
Terra Nova Farm-In Terminated
(firmenpresse) - HOUSTON, TX -- (Marketwired) -- 05/19/15 -- This morning Holloman Energy Corporation (OTCQB: HENC) received notice that Terra Nova had terminated its Farm-In Agreement on Petroleum Exploration Licenses (PELs) 112 and 444.
Mark Stevenson, CEO, commented, "We consider the Terra Nova relationship an overall success for HENC. Although we are disappointed to see the Terra Nova partnership come to an end, we are pleased with the benefits the Farm-In has provided. During the Farm-In period we have obtained valuable scientific information on both PEL 112 and PEL 444 which we believe will prepare HENC for near-term successful exploration."
As a result of the Farm-In termination, Holloman Energy will no longer be obligated to transfer any additional working interest in PEL 112 or PEL 444 to Terra Nova. HENC is in the process of revisiting drilling plans and has already begun contacting potential drillers.
The Company will provide additional information as plan revisions become finalized.
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 currently comprise 3,444 km2 (approximate 850,000 thousand gross acres, 413,000 net acres) on the prolific 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
Contact:
Holloman Energy Corporation
Gina Serkasevich
(281) 260-0193
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Datum: 19.05.2015 - 19:40 Uhr
Sprache: Deutsch
News-ID 394433
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HOUSTON, TX
Kategorie:
Coal
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