SOURCE: Holloman Energy Corporation
HOUSTON, TX--(Marketwire - Oct 11, 2012) - Holloman Energy Corporation (OTCQB: HENC) is pleased to announce that acquisition of 127 square kilometres of a 3-D seismic data on Petroleum Exploration License ("PEL") 112 has been successfully completed. The 3-D seismic program was executed by the Australian operations group of Geokinetics Inc. Holloman understands that the data obtained by its farm-in partner, Terra Nova Energy Inc., is of excellent quality and represents a vast improvement (in subsurface imaging) over the seismic data previously available on PEL 112.
Terra Nova has commenced seismic data processing. Once complete, the geophysical program will be interpreted with potential drill locations expected in mid-December 2012. Terra Nova is also in the process of securing a drilling rig to drill up to six wells in 2013. It is anticipated that the first well will be drilled on PEL 112, subject to rig availability, late in the first calendar quarter of 2013. Under the terms of its farm-in agreement on PEL 112 and PEL 444, Terra Nova is required to place AUD$4,500,000 in escrow on November 1, 2012 to support the upcoming drill plan.
News released by Cooper Energy earlier this month confirms the continued success of their drilling efforts on the Cooper Basin's western flank. Cooper Energy reported that the success of it Butlers-5 oil well in PEL 92 has been followed by similar results from its Butlers-6 well. Each well penetrated gross oil columns ranging from 5 to 8 metre in the Namur Sandstone and have been suspended for completion as oil producers. The oil finds on PEL 92 are situated 25 kilometres north/northwest of PEL 112 on lands believed to be of a similar geological model.
On PEL 444, Terra Nova is in the process of designing a 150 km2 3D seismic program for 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 leases include interests in PEL 112 and PEL 444 which comprise 4,544 Sq km (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 recent filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS
Holloman Energy Corporation