Holloman Energy Gives Corporate Update Tuesday June 17, 11:07 am ET Also, Adds Renowned Australian Geophysical Consultant to Its Team and Releases New Enhanced Website With Detailed Property Information
HOUSTON, June 17, 2008 (PRIME NEWSWIRE) -- Holloman Energy Corporation (OTC BB:HENC.OB - News) (``the Company'' or ``HENC''), through its CEO, Grant Petersen, today has elected to give an interim update to shareholders in preparation to what management feels will be a very busy and productive last half of the year and beyond. Due to significant recent activity and interest by major international oil companies in Australia to include each of the three geological basins that HENC has properties totaling in excess of 1.75 million acres, the Company has elected to retain Perth Australia-based Tony Saitta and Saitta Petroleum Consultants Pty Ltd. (Saitta) as a ``boots on the ground'' consultants to HENC in the Cooper Basin to assist and interpret all available information. Saitta's input, along with HENC's staff, will serve as to how best exploit the burgeoning interest in HENC's extensive property interest. More detailed information on HENC's properties can now be found on the Company's website located at http://www.hollomanenergy.com .
As can be seen on the company website ``Operations'' section, HENC's largest holding of 1.1 million acres, is in the on shore Cooper Basin of South Central Australia. Its immediate area of interest is in the PEL-112 where nearby wells have recently been discovered in excess of 5,000 barrels a day and daily production exceeds 27,000 barrels a day. This adjacent area has had a two out of three success ratio. HENC's staff has so far identified 19 locations on this lease and expects to drill and hopefully complete a minimum of two wells in the main fairway over the next several months with HENC retaining the controlling interest.
HENC's remaining acreage is in the two off shore basins of Barrow and Gippsland. HENC's Barrow property covers approximately 300,000 acres in waters deepening to around 700 feet located in the oil prone areas of Australia's North West Shelf. HENC is currently in discussions to join a consortium of major off shore producers preparing to shoot new off shore 3D seismic which will then include both Barrow and Gippsland. As mentioned in the Company's last press release, the company is now in discussions with several companies to participate in both Barrow and Gippsland in line with our strategy to joint venture with significant third party participants.
CEO Grant Petersen stated: ``The activity that we are experiencing in and around all three of our concessions is encouraging, though it is no wonder since the price of world oil has almost doubled in just the short period of time that we came in control of this acreage.'' Petersen went on to say, ``I strongly encourage all shareholders and interested parties to review our updated website to get a feel why Management is so excited about the future of Holloman Energy.''
Posted by focuschina on :
FYI - John Crosby, Former General Counsel of Shell Australia, Joins Holloman Energy Monday June 23, 10:00 am ET
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