HOUSTON, June 18, 2009 (GLOBE NEWSWIRE) -- Holloman Energy Corporation (OTCBB:HENC) ("the Company"), reports the results of an independent petroleum study which increases its probable (P90) reserves in Australia's Cooper Basin by 600%. The study, received by the Company on June 12th, analyzed 10 of 45 drilling leads and concluded undeveloped P90 and mean risked reserves related to those leads were 25.3 MMbbl and 31.6 MMbbl, respectively. A copy of the detailed study is available on the Company's website at www.hollomanenergy.com.
Recent drilling successes by Beach Petroleum, Cooper Energy and Victoria Petroleum on adjoining leases prompted Holloman Energy's management to undertake a re-examination of its Cooper Basin reserves. The probabilistic reserve study was conducted by ISIS Petroleum Consultants Pty. Ltd. of Australia, an independent and internationally recognized petroleum engineering firm. The reported increase in reserves results, in largest part, from the likely migration of oil past the Cooper Basin's Permian zero edge resulting in the recognition of the Namur Sandstone as the Company's primary reservoir.
Mark Stevenson, Chairman of Holloman Energy's Board of Directors stated; "We are of course gratified by the good news on our Cooper tenements... our work however, is just beginning." "We intend to undertake a thorough examination of the study results" he continued, "and determine the best strategy to maximize the value of these findings for our shareholders."
Holloman Energy holds 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. The Company anticipates that seismic acquisition and a 5-well drilling program to begin exploration of the leases will require expenditures in excess of $11,000,000.
About Holloman Energy
Holloman Energy Corporation is an emerging international exploration, and development independent. The Company currently holds interests, varying between 66.66% and 100%, in seven oil and gas permits awarded by the Australian government. These permits encompass in excess of 1.7 million acres in the Cooper, Gippsland and Barrow basins.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable" (P90), and "mean risked reserves", that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our Form 10K, Form 10Q and other filings with the SEC available from us at 333 North Sam Houston Parkway East, Suite 600, Houston, Texas 77060. You can also obtain this information from the SEC on-line at www.sec.gov or by calling 1-800-SEC-0330.
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 update publicly 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 http://www.hollomanenergy.com