HOUSTON, July 1, 2015 /PRNewswire/ -- Hydrocarb Energy Corporation (OTCQB:HECC) announced today that results of its 2014 Production Enhancement Program continue to result in increased production, even while some of the Company's production remains shut in due to limitations in salt water disposal and gas compression capacity. These capacity limitations are currently being addressed and once capacity is restored this month, production is expected to increase even further while per unit operating costs are expected to decrease. This graph demonstrates production gains of oil and gas since October 2014.
When asked to comment, Chuck Dommer, Hydrocarb's President, said "We expect to have our capacity limitations fully addressed this summer, which will further increase production. Conversion of existing wellbores into salt water disposal wells should reduce operating expenses roughly $50,000 per month."
Kent Watts, Hydrocarb's Chief Executive Officer, also said "Steadily increasing production while reducing costs provides a solid foundation that supports our immediate financing goal to pay off all debt. It will be interesting to see the update to this graph moving forward." He went on to say, "As a multiplier to hitting max production capacity, it is exciting to understand the potential upside we have both in Galveston Bay from our proved, probable and deeper zone drilling opportunities and also from continuing our exploration efforts of the Owambo basin in Namibia that we believe holds world class potential."
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