HOUSTON, Aug. 11, 2015 /PRNewswire/ -- Tuesday, August 11, 2015, Hydrocarb Energy Corporation (OTCQB:HECC) announced today that its subsidiary, Hydrocarb Namibia Energy Corporation (PTY) Ltd., "HNA", has received a one year license extension and an environmental clearance to complete the 2D data acquisition portion of the Initial Exploration Period of its' 2011 Petroleum Agreement with the Republic of Namibia.
In early 2013 the company obtained and analyzed legacy seismic which covered about 15% of its 21,300 sq. km. (5.3 million acre) concession in the Owambo Basin. The Owambo Basin is located in northern Namibia and extends into the oil producing country of Angola. HECC interpreted the seismic data and mapping confirmed the giant Oponono prospect. Consequently, HECC contracted Netherland, Sewell & Associates, Inc. (NSAI) to create an independent resource assessment. The NSAI resource assessment estimated 1.1 billion barrels of unrisked potential oil in place in the Oponono prospect. Warranting follow on work, the company determined that it would be beneficial to the exploration process to fly a high resolution aero-gravity and magnetics survey over in the entire concession. That survey uncovered 14 additional leads that have a similar footprint to the Oponono prospect and for which the company strongly believes merit additional seismic exploration.
Subsequent to the aero-gravity and magnetics survey, the company in late 2014 commenced an Environmental Impact Assessment (EIA) in preparation for an expanded seismic acquisition program. Hydrocarb also requested and has now received a one year extension with the plan to acquire new seismic data in order to high grade its 14 new leads into prospects. The Company was also issued a clearance certificate on its' environmental management plan for acquiring the 750km of 2-dimensional seismic. All this work was a prerequisite to the seismic project as outlined in the Petroleum Law of Namibia and the 2011 Petroleum Agreement.
The CEO of the company's exploration subsidiary Hydrocarb Corporation (HCN), Chuck Dommer stated, "We are glad to receive this environmental land use clearance, permitting us to move forward with a necessary license extension. This reflects a vote of confidence by Namibia, providing us necessary time to complete our seismic project. We remain confident in the huge potential in our concession blocks of the Owambo basin."
Newly appointed "HCN" President, Dr. Tobie Aupindi, commented, "The African strategy part of our global vision is always to go an extra mile in carrying out the geophysical work. Sometimes the scientific data coming from the geophysical evaluation dictates that we must increase our expense and time on exploration components that were not part of the initial work commitment, but which can provide even better exploration results. This is exactly what we are experiencing in the Owambo basin and are excited to move forward."
Hydrocarb Energy holds a 90% working interest in the highly prospective Owambo Basin concession in northern Namibia with the National Petroleum Corporation of Namibia (NAMCOR), holding the remaining 10%. Extensive geologic field studies were completed over the last four years supporting the existence of excellent high-porosity reservoir rocks as well as soil sampling indicating the presence of crude oil derived from a carbonate source.
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