|By Marketwired .||
|September 2, 2014 01:40 PM EDT||
HOUSTON, TX -- (Marketwired) -- 09/02/14 -- Holloman Energy Corporation (OTCQB: HENC) ("Holloman") is pleased to announce the completion of the incremental reprocessing of Petroleum Exploration License ("PEL") 444's Wingman 3D Seismic Survey (the "Wingman Survey") and has begun the interpretation process on the data.
The Wingman Survey, which covers an 84 square kilometers ("km2") area of PEL 444, was acquired in the summer of 2013. Surveying, line clearing and recording operations were undertaken by Terrex Pty Ltd of Perth Australia. The reprocessing of the seismic data using AVO analysis is expected to improve the success rate for blocks having largely stratigraphic traps.
Holloman will release further updates including drilling schedules in due course.
On August 26, 2014, the Government of South Australia announced the bid winners for the newly released Petroleum Exploration License blocks in the Cooper/Eromanga Basin. A total of 4 blocks (CO2013-A, B, C & D) were awarded to 3 companies for a total combined investment of up to $103.2 million. The CO2013 blocks (CO2013-A, B, C & D) cover an area of more than 9,000 square kilometers and possibly contain conventional and unconventional gas plays.
Holloman's PEL 112 block is located between the CO2013-A and CO2013-C blocks. The CO2013-A and CO2013-C blocks were won by Senex Energy Limited and Bridgeport Energy Pty Ltd respectively. The winning bids for both of these blocks total a combined investment of up to $59.2 million -- with a guaranteed spend of $53.4 million.
The bidding results reaffirm management's view of the prospective potential of Holloman's PEL 112 block. Holloman's PEL 112 block covers an area of 1,086 sq. km (525K acres) and was recently renewed for a further five-year term, and the areas with existing seismic data and exploration prospects have been retained.
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 currently comprise 3,444 km2 (approximate 850,000 thousand gross acres, 413,000 net acres) on the prolific 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Holloman Energy Corporation
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Holloman Energy Corporation
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