Kurdistan Regional Government Signs Oil and Gas Contract with US Based Hunt Oil Company

Sep 08, 2007, 01:00 ET from Hunt Oil Company

    ERBIL, KURDISTAN REGION, Iraq, Sept. 8 /PRNewswire/ -- The Kurdistan
 Regional Government (KRG) together with Hunt Oil Company of the Kurdistan
 Region, a subsidiary of Hunt Oil Company of Dallas, Texas, and Impulse
 Energy Corporation (IEC) announced today that they have signed a Production
 Sharing Contract (PSC) covering petroleum exploration activities in the
 Dihok area of the Kurdistan Region. Under the terms of the agreement, Hunt
 Oil Company of the Kurdistan Region will serve as operator. This is the
 first PSC to be signed by the KRG since the Oil and Gas Law of the
 Kurdistan Region was issued by the Kurdistan Parliament in early August,
     Hunt Oil Company of the Kurdistan Region will begin geological survey
 and seismic work by the end of 2007 and plans to be in a position to drill
 an exploration well in 2008.
     KRG Minister of Natural Resources, Dr. Ashti Hawrami, commented, "The
 signing of this PSC by Hunt is evidence that the KRG's enactment of a
 modern and balanced oil and gas law has created a supportive and
 transparent business environment which promotes investment by international
 oil companies in our Region for the benefit of all. Revenues from this
 Kurdistan petroleum development will be shared by the KRG throughout Iraq
 consistent with the Iraq constitution and the new Oil and Gas Law of the
 Kurdistan Region."
     Mr. Ray L. Hunt, CEO of Hunt Oil Company in Dallas, Texas, said, "We
 are very pleased to have the opportunity to be a part of these landmark
 events by actively participating in the establishment of the petroleum
 industry in the Kurdistan Region of Iraq."
     IEC representative, Mr. Mathew Heysel, added, "We are pleased to
 partner with Hunt Oil on this important project to develop the oil and gas
 resources in the Kurdistan Region."
     Hunt Oil Company of the Kurdistan Region is a wholly-owned affiliate of
 the Hunt Oil Company, Dallas, Texas, USA which is a part of the Hunt family
 of companies directed by Ray L. Hunt. Hunt Oil Company is one of the
 largest privately held independent oil companies and conducts a variety of
 petroleum related operations in several regions of the world, including a
 liquefied natural gas (LNG) project in Peru which is considered the largest
 project ever built in that country. In addition to oil and gas interests,
 the Hunt family of companies is engaged in real estate; private
 investments; refining; electrical power, ranching and farming interests.
     Impulse Energy Corporation is a private company that invests in the
 energy sector in developing economies targeting oil, gas, and power.

SOURCE Hunt Oil Company