ALBUQUERQUE, NM--(Marketwire - Feb 26, 2013) - Homeland Resources Ltd. (OTCQB: HMLA), an emerging oil and gas exploration and production company, is pleased to provide a detailed summary of the productive Smoky Hill Project located in Oklahoma.
During 2010 and 2011, Homeland and its partners participated in the Smoky Hill Project exploration drill program in south-central Oklahoma. The four well drill program was designed to test four separate Basal Oil Creek Sand and 2nd Bromide Sand targets selected from a proprietary 3-D seismic survey conducted by Homeland and its partners. The results of the drill program were mostly positive and resulted in three productive wells.
The three productive wells, the Marshall Well, the Bradley Well, and the Patton Well, continue to provide a solid financial foundation for Homeland. As of December 31, 2012, the wells have produced a gross cumulative 158,034 bbls of oil and 37,591 Mcf of natural gas. Based on 3D seismic, project geologists previously estimated a potential 625,000 bbls of oil to be developed at the three productive target locations in the Smoky Hill location.
For 2013, Homeland Resources' primary focus is the development of the Liberty Ridge Project where they have patiently spent the last two years participating in the preparation for a large-scale drilling program. The Liberty Ridge Project was developed and will be operated by the same main partner as the Smoky Hill Project.
"Smoky Hill was Homeland's first exploration project and its success has allowed the Company to position itself with an interest in the much larger Liberty Ridge Project," said Armando Garcia, President of Homeland Resources. "We feel that our partner's vast experience in the immediate exploration area provides the partnership with a definite home field advantage. We are optimistic this will translate into a similar drilling success rate at Liberty Ridge in the very near future."
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 relatively low-risk North American natural gas reserves. The Company'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) 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.