HOUSTON, May 8, 2012 (GLOBE NEWSWIRE) -- Holloman Energy Corporation (OTCBB:HENC) is pleased to announce that Australia's Foreign Investment Review Board ("FIRB") has approved its Cooper Basin farm-out transaction with Terra Nova Minerals Inc. (the "Farm-out"). Under Australian law, FIRB must review foreign investment transactions as they relate to the Australian Government's foreign investment policy. On May 3, 2012, FIRB returned a "no objections" letter with respect to the Farm-out. FIRB approval is a condition for final approval of the Farm-out by the TSX Venture Exchange. It is anticipated that the definitive agreement in respect of the Farm-out will be made effective Friday, May 11th just prior to the planned closing of the private placement financing for gross proceeds of up to CAD$11,000,000 with Macquarie Private Wealth Inc. (Canada). The net proceeds of the financing will be used to fund Terra Nova's immediate payment obligations for the seismic acquisition programs on PEL 112 and PEL 444.
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 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
http://www.hollomanenergy.com