Welcome!

News Feed Item

United Hydrocarbon Announces Successful Drilling in Chad

CALGARY, ALBERTA -- (Marketwired) -- 03/31/14 -- United Hydrocarbon International Corp. is announcing the successful results of drilling two wells on its Production Sharing Contract area in the Doba Basin, located in southern Chad.

The "Belanga North-1" exploration well was drilled to a total depth of 1,392 meters and encountered three oil-bearing sand intervals; two in the targeted Upper Cretaceous 'YO' sands with a combined thickness of 16.5 meters (net), and a previously untested 5-meter (net) sand in a shallower horizon. A 14.5 meter section of the 'YO' sand was perforated and flow tested. At the end of a 15-hour cleanup and flow test period with an 18% pressure drawdown, the final flow rate was 680 barrels of oil per day with no water. Oil was also recovered from the previously untested 5-meter thick sand with a wireline testing tool. Subject to further analysis, the oil recovered during the flow tests appears to be similar in quality to the oil in nearby fields that have been in commercial production since 2004.

The Company also drilled a well at "Belanga 1A" to further delineate the oil discovery at Belanga 1, originally drilled in the 1970's by a previous operator. The well encountered a 9-meter oil zone in the 'YO' sand, approximately 50% thicker than the oil zone in the original discovery well. Crude oil was produced to surface before the flow test was terminated due to a mechanical problem. The Company plans to conduct a long-term flow test at a later date.

"We are very encouraged by the significant discovery results of our 2014 drilling program in the DOC and DOD blocks in southern Chad," commented Ned Goodman, Chairman of the Board and Chief Executive Officer. "There is substantial additional evaluation work ahead of us to prove the ultimate value of the overall drilling program. Extensive 3D seismic survey and development wells are needed to confirm the commercial viability of the Belanga discovery, as well as substantial drilling to prove the viability of the potential magnitude of the Lake Chad area."

In connection with the Belanga discovery, the independent members of the Company's board of directors have agreed to grant a $10 million discovery bonus to Dundee Corporation in recognition of the contribution made by the Dundee Group and its senior officers and directors, towards the success of the Belanga discovery, especially including its extensive risky financial support during a time that the Company was unable to secure alternative financing. Dundee has agreed to accept 20 million shares of the Company in lieu of paying cash for this discovery bonus and for Dundee's assistance.

In addition, and in order to simplify the capital structure of the Company, the board of directors has removed the necessity of the Company's shares trading above certain specified values in order for those holders of Performance Warrants to exercise their warrants. This will allow holders of the warrants to purchase shares of the Company at the exercise price of the warrant at their discretion.

ABOUT UNITED HYDROCARBON INTERNATIONAL CORP.

United Hydrocarbon International Corp. is a private Canadian based company involved in acquiring proven undeveloped oil and gas projects in international locations that offer the greatest potential return for its shareholders. The Company's directors and management team have successful track records identifying, acquiring, financing and operating onshore oil and gas assets internationally.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This press release may contain forward-looking information that involves substantial known and unknown risks and certainties, most of which are beyond the control of United, including statements pertaining to the Company's drilling plans and operations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Readers are cautioned to not place undue reliance on forward-looking statements. While United believes the expectations reflected in the forward-looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements depending on, among other things, issues encountered in drilling, completion and tie-in operations, the amount and timing of capital expenditures, the ability to finance those expenditures and other factors beyond United's control. The initial flow rate stated herein is not necessarily indicative of long term performance or ultimate recovery. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, United does not assume any obligation to update or revise them to reflect new events or circumstances.

Contacts:
United Hydrocarbon International Corp.
Bruce Sherley
President, Director
403-774-9966
[email protected]

United Hydrocarbon International Corp.
Frederick Kozak
Vice President, Capital Markets
403-774-9944
[email protected]
www.unitedhydrocarbon.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.