Work Area Clearance Completed on Holloman's Cooper Basin Licenses
HOUSTON, TX -- (Marketwired) -- 05/14/13 -- Holloman Energy Corporation (OTCQB: HENC) ("Holloman") updates its shareholders and other interested parties on the progress of its Cooper Basin exploration efforts. Work Area Clearance ("WAC") on Petroleum Exploration License ("PEL") 112 access roads and drill site locations began April 20, 2013 and was completed on April 22, 2013. WAC is the process by which Australia's Native Title Holders review exploration sites to insure planned activity does not harm the cultural integrity of the land to be explored. Permits for roads and well site construction are expected in mid-to-late May 2013, with road construction and site preparation scheduled for completion in late June 2013. Holloman estimates that the first well will be drilled on PEL 112, subject to approvals and final rig availability, in mid-July 2013.
Holloman is also working with joint venture partners to acquire 80 square kilometer 3D seismic data on PEL 444. Data acquisition is scheduled for mid-2013. WAC on PEL 444 began April 9, 2013 was completed on April 19, 2013.
Acquisition of 127 square kilometers of 3-D seismic data on PEL 112 began July 24, 2012, and was completed in late September 2012. Geokinetics (Australia) Pty. Ltd. undertook the 3D seismic survey which focused on the northern most portion of PEL 112 and covered approximately 6% of its available acreage.
Seven drilling targets were identified as a result of the final interpretation of the PEL 112 seismic data. Holloman believes its primary drilling targets are similar geologically to producing structures observed in existing oil pools (including the Butlers, Perlubie and Parsons fields) located to the north of PEL 112 on the Cooper Basin's western-flank. Seismic interpretation indicates that all primary targets display 4-way structural closures.
About Holloman
Holloman Energy Corporation is focused on exploring and producing oil in Australia's Cooper Basin. Holloman's Cooper Basin licenses include interests in PEL 112 and PEL 444 which comprise 4,554 km2 (1.125 million acres) in the southwest and northwest sectors of Australia's Cooper - Eromanga Basin.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to publicly update any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS
Holloman Energy Corporation
http://www.hollomanenergy.com
Contact:
Holloman Energy Corporation
Robert Wesolek
(281) 260-0193
