HOUSTON, March 19, 2015 /PRNewswire/ -- Hydrocarb
Energy Corporation (OTCQB:HECC) announced February 2015 gross production volumes of 8,169
barrels of oil and 16,492 MCF of natural gas, a 400% increase in
oil production compared to February of 2014. Natural gas
production also increased slightly during this period despite that
fact that the Company's primary gas producing field has been
largely shut in since November. Total BOE
production1 rates are expected to increase to between
15,000 BOE1 per month and 18,000 BOE1 per
month when this field returns to production over the next several
months. The increase in production was attributed to the
company's recently completed Production Enhancement Program that
has been underway for over a year.
Production Enhancement Program
In January of 2014, approximately one month after the new
management team took over pursuant to a December 2013 acquisition, the company's
production in Galveston Bay dropped substantially due to numerous
oil field maintenance issues. The new management team
immediately assessed the situation and went to work to arrest the
production decline. In August
2014 Hydrocarb Energy Corporation announced it has closed
senior financing of approximately $4.5
million. These funds have been employed on new
production equipment, work-over of wells, and well
recompletions.
Chuck Dommer, the Company's Chief
Operating Officer said, "Our 2014 Production Enhancement Program is
clearly a success with notable and sustainable production
increases. It is now time for us to focus on developing the rest of
our potential by drilling and completing our best drilling
prospects."
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.
1 BOE Production is calculated by adding oil
production to gas production where gas production has been divided
by the ratio of oil price (in $/bbl) to gas price in ($/mcf) for
the period being quoted.
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SOURCE Hydrocarb Energy Corporation