HOUSTON, TX--(Marketwired - Aug 13, 2014) - Holloman Energy Corporation (OTCQB: HENC) ("Holloman") is pleased to confirm that incremental reprocessing of Petroleum Exploration License ("PEL") 444's Wingman 3D Seismic Survey (the "Wingman Survey") is targeted for completion later this month. As a result, procedures required to initiate the drilling program on PEL 444 are expected to begin in the fourth quarter of 2014.
"Our drilling plans for PEL 444 have been delayed somewhat," stated Holloman Energy CEO, Mark Stevenson. "We believe, however, that the time taken to pursue the best supporting science for our drilling decisions is well spent. We remain confident in the experience and capacity of our operating partner with respect to the exploration of our Cooper Basin Assets."
The Wingman Survey, which covers an 84 square kilometers ("km2") area of PEL 444, was acquired in the summer of 2013. Initial data processing of the Wingman Survey was completed in February 2014. The data has since been analyzed and as many as nine prospects and leads have been mapped. The targets are all associated with the Birkhead Formation (Birkhead) which is the main producer in the Charo-Snatcher field and located approximately 21 km South-East of Wingman.
During integration of the Charo-Snatcher field data with the Wingman Survey, it became evident that producing wells in Birkhead have subtle stratigraphic features (which include channel sands and crevasse splays). These features display distinct amplitude signatures on the seismic data which emphasizes the importance of amplitude-friendly processing. To further de-risk the already mapped prospects and leads in PEL 444, it was decided to re-process the data with the primary objective of relative amplitude preservation with the broadest possible bandwidth necessary for AVO -- mapping techniques. That incremental reprocessing is targeted for completion later this month.
About Holloman
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
http://www.hollomanenergy.com