HOUSTON, Feb. 27, 2012 (GLOBE NEWSWIRE) -- Holloman Energy Corporation (HENC.OB) updates its shareholders and other interested parties on the status of its Cooper Basin strategy and operations. During January 2012, Holloman requested, and was granted, a variation of license conditions on it Petroleum Exploration License ("PEL") 112. Under the terms of the variation, the date by which Holloman is obligated to acquire 100 kilometers of 2D seismic data on PEL 112 was moved to January 10, 2013.
Holloman also reports that it has recently received a series of offers relating to one or both of its Cooper Basin licenses. Holloman is completing its analysis of those proposals and hopes to disclose which, if any, it will accept during early March 2012.
We are encouraged by the fact that common share prices for several of our Cooper Basin neighbors are hitting multi-year highs", stated Mark Stevenson, Holloman Energy CEO, "as 2012 progresses, we hope to make significant strides in realizing the value of our Cooper Basin assets."
During 2011, Beach Energy discovered three new oil pools on PEL 92, a license which abuts the northwestern most corner the PEL 112. One of those discoveries, the Germein-1 oil discovery, is less than 7 miles from PEL 112. Although no formal reserve estimates, or production data are yet available on these discoveries, Beach reports that the PEL 92 Parsons-4 well, which tested at 7,600 barrels of oil per day, is now online.
In October 2011, Senex Energy initiated an eleven well drilling program on Petroleum Retention License ("PRL") 15 and PEL 104, both of which lie directly southwest of PEL 444. PRL 15 contains the prolific Growler oil field which is expected to produce approximately 700,000 barrels of oil during Senex's current fiscal year. Senex reports completion of seven of the eleven wells. Five of the Senex wells were successfully completed and suspended for future production. The Growler-6 well tested for production at 1,374 barrels of oil per day. One of the two economically unsuccessful exploration wells (Spitfire-1) resulted in the discovery of a new oil field on PEL 104.
About Holloman Energy
Holloman Energy Corporation is focused on exploring and producing oil in Australia's Cooper Basin. Holloman's Cooper Basin leases include 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.
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 Holloman Energy Corporation (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 recent filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS
Holloman Energy Corporation