HOUSTON, Sept. 1, 2015 /PRNewswire/ -- Hydrocarb Energy Corporation (OTCQB: HECC) is anticipating mobilizing a drilling rig to Galveston Bay State Tract 259 to drill an exploration well in mid-October. The North Eagle Bay ST 259 #1 well is a high-impact exploration well in which Hydrocarb's subsidiary, Galveston Bay Energy (GBE), has Operatorship and a 5 percent interest. WR Production, LLC holds the remaining 95% along with industry partners.
This well is targeting a net unrisked prospective resource best estimate of 24.7 million barrels oil and 102.6 BCF gas. The ST 259 #1, at a planned total measured depth of 14,800 feet, is designated to test the presence of hydrocarbon accumulations in 6 Oligocene reservoirs.
The drill location is four miles north of the productive Eagle Bay Field, which has produced from the target reservoirs. The prospect is defined as an Oligocene age faulted with 4-way dip closure.
A successful result would open up a new round of exploration activity in Galveston Bay. Hydrocarb Energy Corporation holds 18000+ acres by production in the Galveston Bay Texas area.
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. For further information: www.hydrocarb.com.
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.
Contact:
PCG Advisory Group, LLC
Chuck Harbey, +1-646-863-7997
Managing Director, Corporate Advisory
[email protected]
www.pcgadvisory.com
Contact: Kent P. Watts, CEO
800 Gessner, Suite 375
Houston, Texas 77024
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SOURCE Hydrocarb Energy Corporation
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