HOUSTON, Aug. 24, 2015 /PRNewswire/ -- Hydrocarb Energy Corporation (OTCQB:HECC) disclosed it's Galveston Bay State Tract 246 well #181 has been completed at a rate of 1,500,000 cubic feet gas per day, through a 12/64" choke, from the Frio 7 formation.
Chuck Dommer, Chief Operations Officer stated. "This well was a nice upside surprise in that gas prices have remained stable and the economic equivalent of this well at current prices is about equal to 101 barrels of oil per day." Dommer further stated. "The #181 well goes a long way to help us achieve our company goal of 550 to 650 barrels a day of oil equivalent. This well certainly puts our goal within reach."
The State Tract 246 well 181 well operated by Hydrocarb's subsidiary, Galveston Bay Energy (GBE), is a result of the company's extensive 2014-2015 rework and recompletion program. It is scheduled that additional wells will be brought into production this month. Based on historical performance, bringing these wells online should result in notable additional production increases.
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.
For further information: www.hydrocarb.com.
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.
Contact:
PCG Advisory Group, LLC
Scott Powell, +1-646-780-8850
Managing Director
spowell@pcgadvisory.com
www.pcgadvisory.com
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Contact:
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Kent P. Watts, CEO
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800 Gessner, Suite 375
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Houston, Texas 77024
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SOURCE Hydrocarb Energy Corporation