SOURCE: Holloman Energy Corporation

Holloman Energy Corporation

August 07, 2013 13:13 ET

No Oil Shows in Holloman's Wolfman #1 Exploration Well

HOUSTON, TX--(Marketwired - Aug 7, 2013) - Holloman Energy Corporation (OTCQB: HENC) ("Holloman") reports no oil shows were observed while drilling in its primary and secondary oil objectives in the Wolfman #1 exploration well on Petroleum Exploration License ("PEL") 112. Hunt Energy Rig #3 encountered its primary objective, the Namur Sandstone, at approximately 1,197 meters (3,927 feet) on August 6, 2013, and drilled ahead to its secondary targets in the Birkhead formation and Hutton sandstones. Wolfman #1 reached Total Depth of 1,703 meters (5,587 feet), on August 7, 2013. In the event wireline logging confirms a dry hole, the well will be plugged and abandoned.

The drilling of Wolfman #1 fulfills Holloman's minimum work requirement for PEL 112 License Year Five. 3D Sesimic data has been acquired on only 5.7% (31,382 of 542,643 acres) of the land comprising PEL 112. Holloman believes significant potential remains for future seismic to identify migration trends and additional prospects during the next exploration term.

Holloman intends to focus efforts on its PEL 444 drill plans while science gathered in connection with the Wolfman #1 well is being analyzed.

About Holloman

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 comprise 4,554 km2 (1.125 million acres) on the 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
    Robert Wesolek
    (281) 260-0193