Hydrocarb Energy CEO Provides Operational Update
March 31 2014 - 8:10AM
Business Wire
Focus on Galveston Bay Production Increase
Hydrocarb Energy Corporation (OTCQB: HECC) has announced the
following operational update for its exploration, production, and
services businesses.
Hydrocarb Namibia
The latest high resolution aerial gravity and magnetics program,
flown by Bridgeporth, Ltd., has been processed, interpreted and
finalized. The survey was flown over the entire 21,300 sq km (5.3
million acre) Owambo concession comprising blocks 1714A, 1715,
1814A, 1815A in northern Namibia adjacent to the Angola border.
Excellent survey results thus far have identified numerous
potential leads. The HEC technical team is currently evaluating the
entire survey and is in the process of laying out a regional
exploration 2-dimensional (2D) seismic program over identified
leads.
Galveston Bay Energy
Hydrocarb’s domestic engineering and work-over plans are on
track. An extremely cold winter in Texas caused significant
production curtailments, and downtime was used to upgrade existing
facilities with line heaters and other equipment required to
maintain production during future cold spells. Plans were also made
to enhance the availability of gas used to power and operate our
facilities in the four fields that are operated by GBE. Finalizing
the sale of our Barge Canal Field in South Texas has allowed us to
launch operations to create sustainable production increases in our
Galveston assets.
Otaiba Hydrocarb
HEC’s Abu Dhabi based oil field services company, Otaiba
Hydrocarb LLC, (OHC) is completing a financial audit, the last step
required to finalize the registration process. Our ability to
receive service contracts will enable OHC to commence full oil
field services utilizing our comprehensive oil and gas field
services license issued by the Supreme Petroleum council of the
UAE.
Pasquale Scaturro, Hydrocarb’s CEO stated, “With the recent
merger behind us, a new management team is working hard to enhance
shareholder value. We’ve uncovered new leads for more resource
potential in Namibia. Having sold off our South Texas asset and
consolidated our efforts to maximize Galveston Bay, we expect
production to continue to increase after a tough winter. Finally,
our strategy for developing oilfield services in one of the best
oil markets in the world is almost complete. I ask our
shareholders to stay abreast of our filings and news regarding
these three major areas of our operations going forward.”
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 Oil Field Services 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.
Hydrocarb Energy Corp.Pasquale Scaturro,
1-713-970-1590CEOinfo@hydrocarb.com