HOUSTON, Jan. 20, 2016 /PRNewswire/ -- Hydrocarb Energy Corporation (OTCQB: HECC, the "Company") today announced that it has engaged a well-known award-winning investment bank, established since 2001 and based in New York, to help the Company refinance its current senior and short-term debts and identify sources of capital to develop its proven reserves and leverage its under-utilized infrastructure in the Galveston Bay. By connecting to the appropriate capital, Hydrocarb plans to position itself to take advantage of the current low cost environment and opportunities available due to the low oil and gas prices.
When asked to comment, the Company's new CFO, Mr. K. Andrew Lai, stated, "This investment bank is experienced and resourceful. The principals there understand the current challenges and opportunities in our industry. We are hopeful that the Company's financial condition will improve in the short run, and the Company will be in a position to take advantage of the available opportunities in the industry."
Chairman Kent P. Watts stated, "After a few months of interviewing different investment banks in the current oil industry environment, it became evident that this investment bank was the best choice for us. They see our vision to enhance our current assets and simultaneously leverage our P5 Operator status in Texas, leading to increased production revenues, resulting economies of scale benefits and ultimately positive and growing EBITDA, even at today's lower pricing."
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.
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.
Kent P. Watts, CEO
800 Gessner, Suite 375
Houston, Texas 77024
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SOURCE Hydrocarb Energy Corporation