Hydrocarb
Energy Corporation (OTCQB: HECC) confirmed ongoing discussions with
several international energy firms expressing interest in the company’s Owambo
Basin Concession in Namibia. Hydrocarb has executed three
Confidentiality Agreements to date with firms interested in forming a
Joint Venture to explore the concession blocks in northern Namibia
comprising 21,300 sq. km (5.3 million acres) adjacent to the Angola
border.
Hydrocarb Energy holds a 90% working interest in the highly prospective
Owambo Basin concession with Namcor, the Namibian National Oil Company,
holding the remaining 10%. Extensive geologic field studies were
completed last year proving the existence of excellent high-porosity
reservoir rocks, potential source rocks, in addition to soil sampling
indicating the presence of crude oil from a well test. Recent aerial
gravity and magnetics analyses have identified 16 new structural leads
while approximately 15% of Hydrocarb’s concession has been explored with
modern 2D seismic data to date.
Chuck
Dommer, Hydrocarb’s President, stated, “With the discovery of 16 new
leads and last year’s field study results, we are moving ahead with
seismic studies, and our next step is to bring in an industry partner to
expand our exploration efforts in the Owambo Basin.”
Netherland, Sewell & Associates, Inc. (NSAI) has assigned 1.1 billion
barrels of unrisked potential in-place oil resources in the Oponono
Prospect located in a portion the concession. Unrisked potential
recoverable oil resources from this single prospect range from 46 to 295
million barrels of oil (MMBO).
About Hydrocarb Energy
Hydrocarb Energy Corporation is a publicly-traded Domestic and
International Energy Exploration and Production Company targeting major
under-explored oil and gas projects in emerging, highly prospective
regions of the world. With exploration concessions in Africa, production
in Galveston Bay, and an Oil Field Services license in the United Arab
Emirates, we maintain offices in Houston, Texas, Abu Dhabi, UAE and
Windhoek, Namibia. For further information: www.hydrocarb.com.
Forward-looking Statements
This release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements, which contain words such as "expect," "believe" or "plan,"
by their nature address matters that are, to different degrees,
uncertain. These uncertainties may cause actual future events to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update our forward-looking statements.
Copyright Business Wire 2014