HOUSTON, July 1, 2015 /PRNewswire/ -- Hydrocarb Energy
Corporation (OTCQB:HECC) announced today that results of its 2014
Production Enhancement Program continue to result in increased
production, even while some of the Company's production remains
shut in due to limitations in salt water disposal and gas
compression capacity. These capacity limitations are currently
being addressed and once capacity is restored this month,
production is expected to increase even further while per unit
operating costs are expected to decrease. This graph demonstrates
production gains of oil and gas since October 2014.
When asked to comment, Chuck
Dommer, Hydrocarb's President, said "We expect to have our
capacity limitations fully addressed this summer, which will
further increase production. Conversion of existing wellbores into
salt water disposal wells should reduce operating expenses roughly
$50,000 per month."
Kent Watts, Hydrocarb's Chief
Executive Officer, also said "Steadily increasing production while
reducing costs provides a solid foundation that supports our
immediate financing goal to pay off all debt. It will be
interesting to see the update to this graph moving forward."
He went on to say, "As a multiplier to hitting max production
capacity, it is exciting to understand the potential upside we have
both in Galveston Bay from our proved, probable and deeper zone
drilling opportunities and also from continuing our exploration
efforts of the Owambo basin in Namibia that we believe holds world class
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