HOUSTON, March 10, 2015 /PRNewswire/ -- Hydrocarb Energy
Corporation (OTCQB:HECC) announced that it has raised approximately
$0.96 million dollars of strategic
cash pursuant to its financing plan initiated earlier this
year. Information regarding the specific terms of the fund
raising are described in the company's Current Report on Form 8-K
filed with the Securities and Exchange Commission on March 10, 2015. The plan is designed to
raise immediate cash and position the company to execute a larger
financing in the future. It is expected that a larger financing
would provide development capital for the company's producing
assets in Galveston Bay and also provide a credit line available to
use for producing property acquisitions.
On February 26, 2015 the company
reported reserve increases with net present value (NPV) 10%
discount rates rising to $55.9
million. This was a 20.6% increase over the reported
reserves from July 2014. The January reserve report evaluated
all of the company's proved reserves including undeveloped proved
reserves. It was also reported that the company's probable
reserve drilling prospects, in addition to its current proved
reserves, hold the potential to increase by another 200%.
When asked to comment, Kent P.
Watts, Hydrocarb's Chief Executive Officer said, "We are in
the process of raising strategic cash to enhance our current
liquidity. We are also working on a major financing that we
hope to use to pay off all current debtors and put a reserve
development loan in place to go after production and reserve
increases." Mr. Watts continued, "Obtaining the future
financing together with our company's technical experience and
talent as an operator in Texas,
should also give us substantial opportunities to acquire additional
producing properties going forward."
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.
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.
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SOURCE Hydrocarb Energy Corporation