Hydrocarb Energy Reports Galveston Reserve Increase
August 26 2014 - 9:00AM
Business Wire
Hydrocarb Energy Corporation (OTCQB:HECC) today reported 2014
year-end proved reserves of 1,021,790 net barrels oil and
12,031MMCF net gas, an oil increase of 55.69 percent over year-end
2013. "This level represents a significant increase of our proved
reserves due to a re-evaluation of Proved Undeveloped (PUD) well
stock," stated Chuck Dommer, President and Chief Operating
Officer.
The table below reconciles the components driving the 2014
reserve increase.
Proved Reserves Reconciliation net to Hydrocarb
Balance at July 31, 2013 Barrels Oil (thousands)
659.7 MMCF Gas 12,730.4
Balance at July 31, 2014
Barrels Oil (thousands) 1,021.8 MMCF Gas 12,031.4
Hydrocarb's Galveston Bay assets now comprise 100 percent of the
Company's total proved reserves and contributed 100 percent of
Hydrocarb's 2013-reported production. "For the year, we grew our
PV-10 value by over 100 percent, moving from $24.5 million to $51.5
million, driven by these re-evaluations and price improvements,"
said Dommer.
In 2014-2015, Hydrocarb will continue to increase production and
improve revenues through infrastructure improvements and pursue
further select testing of the Frio formation reservoirs.
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.Kathi Brogdon, +1
713-970-1590info@hydrocarb.com