SOURCE: Homeland Resources Ltd.
ALBUQUERQUE, NM--(Marketwire - Feb 13, 2013) - Homeland Resources Ltd. (OTCQB: HMLA) provides a corporate update outlining anticipated growth prospects for 2013. As a performance-driven exploration and production company, this announcement focuses on the continued development of North American oil and natural gas reserves. Homeland's projects, Smoky Hill and Liberty Ridge, are comprised of working interests located in the state of Oklahoma.
According to the International Energy Agency (IEA), the United States is forecasted to reach an energy independence paradigm shift in the near future. This shift will position the U.S. as a leading exporter of energy, instead of one of the biggest importers. Homeland Resources (HMLA) and other oil and gas companies are hard at work to help the U.S. become energy independent. Homeland Resources is currently working on its continued exploration and development of its property portfolio.
"Today, the United States is the closest it has ever been to achieving the goal of energy independence," says Armando Garcia, President of Homeland. "But there is still a lot of exploration and development work required by American companies before this goal can be realized. Homeland Resources and its partners are ready to make their contributions to achieve true American energy independence for the first time since 1952."
For 2013, Homeland Resources' primary focus is the maturation of the Liberty Ridge Project where they have patiently spent the last two years participating in the preparation for a large-scale drilling program. Already this highly regarded project has resulted in the completion of a 3D-seismic program, an extended period of data analytics and subsequent surface lease negotiations and permitting.
Furthermore, Homeland and its partners now deem the lease acquisition process to be satisfactorily secure and drilling is expected to commence in March with initial drilling dates to be announced in the coming weeks. It is expected that the Liberty Ridge Project could generate in excess of 50 potential economically viable well locations via a multi-phase drilling program. It is expected that an initial Phase 1 drilling program will consist of upwards of 10 targets and plans for a Phase 2 drilling will be outlined later in 2013.
"The methodical approach applied to development at Liberty Ridge is finally beginning to show progress, and it's now expected that Homeland will be drilling wells at Liberty Ridge right through 2013," says Garcia. "At times it has been difficult to measure from the outside looking in, but the Company and its operating partner have accomplished a great deal in the last year in terms of finalizing lease negotiations and solidifying permits in preparation for this first group of prospect areas. This is a great long-term project and we are anxious to see the drill bit start to spin."
During 2010 and 2011 at the Smoky Hill Project, Homeland and its partners drilled and completed three productive wells: the Marshall Well, the Bradley Well and the Patton Well. Since their completion, these wells have provided a continued solid financial foundation for Homeland as these wells continue to be economically viable. The company is expected to provide an updated assessment and production summary of the Smoky Hill Project in the coming weeks.
For more information about Homeland Resources including its oil and gas projects, visit www.homelandresources.com. Stay current on all available information regarding Homeland and the energy sector by connecting with them on their social platforms:
About Homeland Resources
Homeland Resources Ltd. (OTCQB: HMLA) is a performance-driven exploration and production company focused on developing North American oil reserves. Homeland's current focus is on the continued exploration and development of its property portfolio comprised of working interests in the Smoky Hill Project (5% interest) and the Liberty Ridge Project (5% interest) located in Oklahoma. Homeland Resources is also seeking to expand its portfolio to include additional interests in North America.
For more information on HMLA, please visit www.homelandresources.com.
Notice Regarding Forward-Looking Statements: Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.