HOUSTON, Sept. 17, 2014 /PRNewswire/ -- Hydrocarb
Energy Corporation (OTCQB: HECC) recently reported substantial
increases to its PV-10 oil and gas reserves. The company also
recently commenced operations to upgrade the infrastructure and
perform workovers at its oil and gas producing assets in Galveston
Bay, Texas. A summary of these
recent key operational developments follows:
Operations Update
Operations to upgrade offshore and onshore facilities and
stabilize oil and gas production rates include the replacement of
key components in the production stream, allowing a more constant
rate of oil and gas production by minimizing equipment-related down
time. The next phase of improvements to facilities is winterizing
select units to reduce cold weather related production delays. Work
has begun on the first package of 14 wells to restore or increase
oil and gas production from the Miocene age Frio formation reservoirs. The work will
be accomplished in several phases over the next few months.
Reserves Update
Hydrocarb Energy Corporation 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. 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, the Company grew our PV-10
value by over 100% percent, from $24.5
million to $51.5 million,
driven by these re-evaluations and price improvements. In the
latter part of 2014 and 2015, Hydrocarb expects to continue to
increase production and improve revenues through infrastructure
improvements and to pursue further select testing of the
Frio formation reservoirs as
mentioned above.
Financial Update
In mid-August Hydrocarb Energy Corporation announced the closing
of a new $5,500,000 term debt
placement from lending entities managed by Shadow Tree Capital
Management LLC and Quintium Advisors LLC. The proceeds of the new
debt facility will be used primarily to fund infrastructure
improvements in Hydrocarb's Galveston Bay oil and gas producing
assets.
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.
For further information, please contact:
PCG Advisory Group, LLC
Scott Powell, Managing Director
Tel: +1-646-780-8850
Email: spowell@pcgadvisory.com
www.pcgadvisory.com
SOURCE Hydrocarb Energy Corporation