SOURCE: Holloman Energy Corporation

Holloman Energy Corporation

September 09, 2015 06:00 ET

Holloman Energy Update on PEL 444 Obligation Well

HOUSTON, TX--(Marketwired - Sep 9, 2015) - Holloman Energy Corporation (OTCQB: HENC) is pleased to announce that drilling on PEL 444 is scheduled to commence before the end of 2015. A Technical Sub-Committee meeting took place on August 27th resulting in positive confirmations of the drill site location of our commitment well. Subsequently, on August 31, 2015, the Operating Committee approved the plan and the associated Authority for Expenditure (AFE). Mark Stevenson commented, "The largest prospect mapped on the Wingman 3D seismic was 'Baikal 1' and has been deemed as the final commitment well under the second five year license term. We believe that the technical work performed has increased our chances of success. Additional discussions for the implementation of the drilling program will take place later this month." Despite the outstanding disagreement to rights of operatorship and working interest, HENC and Terra Nova are working together to ensure the drilling program moves forward as planned.

About Holloman Energy

Holloman is focused on exploring and producing oil in Australia's Cooper Basin. Holloman's Cooper Basin licenses include interests in PEL 112 and PEL 444 which currently comprise 3,444 km2 (approximate 850,000 gross acres, 413,000 net acres) on the prolific Western Margin of Australia's Cooper - Eromanga Basin.

Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to publicly update any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's filings with the SEC.

Holloman Energy Corporation

Contact Information

  • Contact:
    Holloman Energy Corporation
    Gina Serkasevich
    (281) 260-0193