HOUSTON, Aug. 7, 2015 /PRNewswire/ -- Hydrocarb Energy Corporation (OTCQB: HECC) announced today that its subsidiary, Galveston Bay Energy, reported daily production in its Galveston Bay fields has reached 508 barrels of oil equivalent daily production (BOED) as of August 5, 2015. This is a result of the company's extensive 2014 rework and recompletion program coupled with bringing back online previously shut-in production. The company still has eight more wells to bring online including four newly recompleted wells, and four otherwise shut in wells. These wells will be brought into production over the next couple of weeks. Based on historical performance, bringing these additional eight wells online should result in notable additional production increases.
When asked to comment, Craig Alexander, Vice President of Operations, stated that, "We are optimistic that our company goal of 550 to 650 BOED will be achieved or exceeded once the remaining wells we have are placed into production."
Kent Watts, the company's Chief Executive Officer, also said, "Our operations team has us approaching positive cash flow moving forward, even at current prices. Due to the current business climate and Operating capabilities in the Bay, we see additive opportunities coming our way, putting us in a position to potentially acquire new and more lucrative reserves, and to be the Operator in joint ventures with third parties looking to leverage our production infrastructure." He went on to say, "Bringing on existing producing assets and drilling PUD's is expected to at least double our current production as we are able to fully implement our development plan. This provides a major impetus for us to accelerate our development capital program."
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.
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