HOUSTON, April 15, 2015 /PRNewswire/ -- Hydrocarb
Energy Corporation (OTCQB:HECC) announced that March 2015 production was approximately 10,876
barrels of oil produced together with 27,938 MCF gas produced and
sold compared to March 2014 barrels
produced of approximately 4,022 barrels oil and 5,602 MCF of gas.
This estimates an approximate increase of 270% for oil and
498% in gas. The company expects its production to continue to rise
significantly over the next few months as currently shut-in
production continues to come online.
The company is now focusing on the 2015 Development Program, a
strategy targeted to fully develop its petroleum reserves and
production. In recent months, as oil prices were declining
rapidly, the company recognized the opportunity, coupled with its
broad technical expertise, to fully develop the rest of its
potential in its producing assets located in Galveston Bay,
Texas. Due to the conventional nature of its production and
development drilling, management believes that successful
development would provide the opportunity to greatly enhance cash
flow and realize notable profits at current oil
prices.
To facilitate its 2015 Development Program, the company is
actively seeking a large development loan facility which if
culminated will take out the August
2014 senior bridge financing together with all recently
initiated short term strategic convertible
debt.
When asked to comment, Kent
Watts, Hydrocarb's Chief Executive Officer said, "We are
working diligently with major oil and gas lenders. It appears
that having the capital to drill and complete our best development
wells has the potential to triple production over what we already
have online and still coming online over the next couple of
months. This production increase can be achieved with very
little increase in lease operating expenses."
He went on to say, "Once we develop our known reserves, we
believe that we also have potential in deeper yet to be drilled
zones within our 18,000+ Galveston Bay acres held by production. It
will be very interesting for management to be in the position to
focus on that additive potential."
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