SOURCE: Homeland Resources Ltd.

March 17, 2011 11:41 ET

Homeland Resources Successfully Completes 2nd and 3rd Production Wells at Smoky Hill Project

ALBUQUERQUE, NM--(Marketwire - March 17, 2011) - Homeland Resources Ltd. (OTCQB: HMLA) is pleased to report that the company has successfully completed both its second and third production wells at the Smoky Hill Project in Southern Oklahoma.

The Marshall-1 and the Bradley-1 wells both flowed oil at good pressures and volume in drill stem tests taken from the significant zones. Electric and radiation logs indicate potential for multiple pay zones in both these wells. Immediately after perforation, the wells began flowing oil and gas without the aid of any acid stimulation or fracture treatment.

There are now three successful production wells at the Smoky Creek Project. Expected total program reserves to be developed at the Smoky Hill Drilling Program could now be in the range of 750,000 BO and 0.15 BCFG. Moreover, based on this exploration success, the Company is now actively evaluating new locations for development drilling offset to all three production wells.

"The completion of two additional production wells at the Smoky Hill Project is a great success story for our company," says Armando Garcia, President of Homeland Resources. "The added revenues from the new oil and gas production will undoubtedly contribute to the expansion of company developments, and in turn, continue to create value for our shareholders."

About Homeland Resources

Homeland Resources is an expanding exploration and production company focused on developing North American and international oil and natural gas reserves. The Company's current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Smoky Hill Project (5% interest), and working interest in the Liberty Ridge 3-D Seismic Project (5% interest). Homeland Resources is seeking to further develop its existing projects and to expand its portfolio to include additional interests North America.

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.

Contact Information

  • For further information regarding Homeland Resources, contact:
    LiveCall Investor Relations for Homeland Resources
    E-mail: info@homelandresources.com
    Homeland Corporate: www.homelandresources.com
    Investor Community: www.livecallir.com
    Toll-free: (877) 503-4299

    Homeland Resources Ltd.
    6801 Los Trechos NE, Albuquerque, NM 87109
    Corporate Office: (877) 503-4299