HOUSTON, March 19, 2015 /PRNewswire/ -- Hydrocarb Energy Corporation (OTCQB:HECC) announced February 2015 gross production volumes of 8,169 barrels of oil and 16,492 MCF of natural gas, a 400% increase in oil production compared to February of 2014. Natural gas production also increased slightly during this period despite that fact that the Company's primary gas producing field has been largely shut in since November. Total BOE production1 rates are expected to increase to between 15,000 BOE1 per month and 18,000 BOE1 per month when this field returns to production over the next several months. The increase in production was attributed to the company's recently completed Production Enhancement Program that has been underway for over a year.
Production Enhancement Program
In January of 2014, approximately one month after the new management team took over pursuant to a December 2013 acquisition, the company's production in Galveston Bay dropped substantially due to numerous oil field maintenance issues. The new management team immediately assessed the situation and went to work to arrest the production decline. In August 2014 Hydrocarb Energy Corporation announced it has closed senior financing of approximately $4.5 million. These funds have been employed on new production equipment, work-over of wells, and well recompletions.
Chuck Dommer, the Company's Chief Operating Officer said, "Our 2014 Production Enhancement Program is clearly a success with notable and sustainable production increases. It is now time for us to focus on developing the rest of our potential by drilling and completing our best drilling prospects."
About Hydrocarb: 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 and domestic production in Galveston Bay, we maintain offices in Houston, Texas, and Windhoek, Namibia.
Forward-looking Statements
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Forward-looking statements are subject to risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause the company to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in the company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the company. The company's SEC filings are available at http://www.sec.gov.
1 BOE Production is calculated by adding oil production to gas production where gas production has been divided by the ratio of oil price (in $/bbl) to gas price in ($/mcf) for the period being quoted.
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SOURCE Hydrocarb Energy Corporation