HOUSTON, TX / ACCESSWIRE / March 30, 2015 / Holloman Energy Corporation (OTCQB: HENC) announces that a 6 month lease extension has been granted for Petroleum Exploration License ("PEL") 444 block because of heavy rainfall in the area limiting progress on work area clearance. Our farm-in partner has indicated that there will be no disruption in the current drilling campaign and are still working towards a 2015 second quarter start. We are pleased to announce that the necessary heritage clearances and environmental assessments are completed for the upcoming drilling campaign and the application for site preparation approval and drilling permits have commenced.
Mark Stevenson, CEO commented, "We have confidence in the reprocessed Wingman 3D Seismic survey and those locations identified by our farm-in partner. Nearby success of Senex's Charo-Snatcher oil fields, which are geologically and geophysically similar to our Wingman, gives us greater confidence for success in the area. In addition, the prices for drilling rigs and other services have decreased primarily due to the lower oil prices and overall capital spending. This will assist us with lower costs for our drilling program whilst still allowing for good margins if the wells are successful." PEL 444 is located on the western flank of the Cooper/Eromanga Basin in the state of South Australia, Australia.
For recent updates and future details please see the recently updated Holloman Energy website detailing the new developments on each of the licenses. www.hollomanenergy.com.
About Holloman Energy
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
Contact:
Holloman Energy Corporation
Gina Serkasevich
(281) 260-0193
SOURCE: Holloman Energy Corporation