Horn Petroleum reports that the Shabeel North well is currently at a depth of 1967meters and has penetrated a 50 meter gross section of upper Jesomma sands with oil shows. An open hole drill stem test is currently underway to determine if this zone is oil or water bearing. Regardless of the result of this test, the well will continue to drill to the base of the Jesomma sands to evaluate any additional lower Jesomma [...]
Horn Petroleum reports that the private placement announced on May 22, 2012 has closed. The Company sold on a non-brokered private placement basis an aggregate of 18.75 million units at a price of $0.80 per unit for gross proceeds of $15 million. The private placement has received regulatory approval and the securities have been issued to the investors.
Horn Petroleum is pleased to announce the commencement of drilling operations on the Shabeel North well in Puntland, Somalia, the second well in the current drilling campaign. The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had good oil and gas shows in the Shabeel well 3.5 kilometers to the south. Petrophysical analysis of downhole electrical logs in the Shabeel well indicated a potential pay [...]
Horn Petroleum reports that it has agreed to sell on a non-brokered private placement basis an aggregate of up to 18.75 million units at a price of $0.80 per unit for gross proceeds of up to $15 million. Each unit is comprised of one common share and one-half of a share purchase warrant. Each whole warrant is exercisable over a period of two years at a price of $1.20 per share. In the event that Horn Petroleum common [...]
Horn Petroleum is pleased to provide an update on the drilling program in Puntland, Somalia. The Shabeel well has reached a total depth of 3,470 meters and has encountered metamorphic basement at a depth of 3,430 meters and is currently being suspended for future testing. In addition to the previously announced 12 to 20 meter zone of significant hydrocarbon pay in the Upper Cretaceous Jesomma Formation, the well has [...]
Horn Petroleum is pleased to update the market on the drilling operations on the Shabeel well in Puntland, Somalia. Horn is the Operator and holds a 60% working interest in the Dharoor and Nugaal Valley Production Sharing Agreements along with working interest partners Range Resources (20%) and Red Emperor (20%). The Shabeel well is currently at a depth of 2703 meters and had just completed the setting of the 9 5/8 [...]
Horn Petroleum reports that the Shabeel-1 well on the Dharoor Block in Puntland, Somalia is currently at a depth of 2,384 metres and is drilling ahead to a planned target depth of approximately 3,800 metres. There are no results to report at this time. Horn Petroleum Corporation is a Canadian oil and gas company with assets in Puntland, Somalia. The Corporation holds a 60% interest and operatorship in the Dharoor and [...]
Horn Petroleum is pleased to announce that the Shabeel-1 well continues drilling ahead on the Dharoor Block in Puntland, Somalia and is currently at a depth of 2053 meters. The upper 1600 meters of section drilled to date includes a thick section of Tertiary limestones and shales that appear to be a regional seal as no oil or gas shows were encountered above this depth. The well is currently drilling a 400 meter section [...]
Horn Petroleum is pleased to provide the following update on its exploration activities in Puntland, Somalia. Horn Petroleum is currently drilling its first exploration well in the Dharoor Valley Block. The Shabeel-1 well was spud in January, 2012 and is currently at a depth of approximately 1,230 meters. Casing has been set in the well to a depth of 1,139 meters and drilling of the 12 1/4 inch section continues as [...]
Horn Petroleum is pleased to announce the spudding of the Shabeel-1 well on the Dharoor Block in Puntland, Somalia and is currently preparing to drill ahead to a total planned maximum depth of 3800 meters. Drilling operations have also commenced on the Shabeel North-1 well with the setting of the 30 inch surface casing and the drilling of a 50 meter pilot hole. Please see attached photos.
Horn Petroleum reports that the 45,535,195 warrants of the Corporation issued on September 20, 2011 have been accepted for listing by the TSX and will begin trading on or about December 16, 2011 under the symbol "HRN.WT". On August 2, 2011, the Corporation completed a non-brokered private placement of an aggregate of 45,535,195 subscription receipts of the Corporation at a price of $0.90 per Subscription Receipt for gross [...]
Horn Petroleum reports that it has granted an aggregate of 3,935,000 incentive stock options, 3,350,000 of which were granted to certain officers and directors of the Corporation. The options are exercisable, subject to vesting provisions, over a period of three years at a price of $1.00 per share.
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