SOURCE: Holloman Energy Corporation

Holloman Energy Corporation

November 05, 2012 08:30 ET

Holloman's Drilling Plans Progress

HOUSTON, TX--(Marketwire - Nov 5, 2012) -  Holloman Energy Corporation (OTCQB: HENC) is pleased to confirm the November 1, 2012 escrow deposit of AUD$4,5000,000 by its farm-in partner on Petroleum Exploration Licenses ("PEL ") 112 and 444. The escrowed funds were required under Holloman's May 2012 farmout agreement on the licenses and are earmarked to pay for an initial three (3) well drill program.

Holloman is currently awaiting the interpretation of 127 square kilometers ("km2") of 3D seismic data acquired in September 2012 on PEL 112. Potential drill prospects are expected to be identified in late November 2012. It is anticipated that the first well will be drilled on PEL 112, subject to rig availability, in the first calendar quarter of 2013.

"The deposit of escrowed drilling funds sets the stage for pursuit of our drilling objectives," stated Mark Stevenson, Holloman CEO. "In light of the continued success of neighboring drilling efforts on the Cooper Basin's western flank, we are anxious to proceed with our exploration plans."

On PEL 444, Holloman and its partners are in the process of designing a 150 km2 3D seismic program for planned completion in 2013.

About Holloman Energy 

Holloman Energy Corporation 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 comprise 4,544 km2 (1.125 million acres) in the southwest and northwest sectors of Australia's prolific 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.

ON BEHALF OF THE BOARD OF DIRECTORS

Holloman Energy Corporation
http://www.hollomanenergy.com

Contact Information

  • Contact:
    Holloman Energy Corporation
    Robert Wesolek
    (281) 260-0193