Hydrocarb Energy Corporation Announces Ongoing Joint Venture Discussions
November 19 2014 - 4:20PM
Business Wire
Signs confidentiality agreements with three potential energy
partners on Namibia Concession
Hydrocarb Energy Corporation (OTCQB: HECC) confirmed ongoing
discussions with several international energy firms expressing
interest in the company’s Owambo Basin Concession in Namibia.
Hydrocarb has executed three Confidentiality Agreements to date
with firms interested in forming a Joint Venture to explore the
concession blocks in northern Namibia comprising 21,300 sq. km (5.3
million acres) adjacent to the Angola border.
Hydrocarb Energy holds a 90% working interest in the highly
prospective Owambo Basin concession with Namcor, the Namibian
National Oil Company, holding the remaining 10%. Extensive geologic
field studies were completed last year proving the existence of
excellent high-porosity reservoir rocks, potential source rocks, in
addition to soil sampling indicating the presence of crude oil from
a well test. Recent aerial gravity and magnetics analyses have
identified 16 new structural leads while approximately 15% of
Hydrocarb’s concession has been explored with modern 2D seismic
data to date.
Chuck Dommer, Hydrocarb’s President, stated, “With the discovery
of 16 new leads and last year’s field study results, we are moving
ahead with seismic studies, and our next step is to bring in an
industry partner to expand our exploration efforts in the Owambo
Basin.”
Netherland, Sewell & Associates, Inc. (NSAI) has assigned
1.1 billion barrels of unrisked potential in-place oil resources in
the Oponono Prospect located in a portion the concession. Unrisked
potential recoverable oil resources from this single prospect range
from 46 to 295 million barrels of oil (MMBO).
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 an Oil Field Services
license 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.
PCG Advisory Group, LLCScott Powell, +1-646-780-8850Managing
Directorspowell@pcgadvisory.comwww.pcgadvisory.com