SAN FRANCISCO, July 11, 2012 (GLOBE NEWSWIRE) -- Heavy Earth Resources, Inc. ("Heavy Earth" or the "Company") (OTCBB:HEVI), a oil and gas exploration and production company focused on Central and South America, announces the completion of a 94 sq km 3D seismic survey over the northern portion of the Morichito Block, located within producing trends of the prolific Llanos Basin. The 3D seismic survey was completed ahead of schedule and on budget and preliminary analysis has indicated the quality of the data is better than expected.
"We believe the new 3D seismic preliminary processing volumes have confirmed the structural traps in the C5, C7 and Gacheta intervals identified in previous 2D surveys," said Grant Draper, the Company's Chief Executive Officer. "In the coming weeks, we expect the new 3D seismic to identify additional prospective leads in the Carbonera, Mirador, Gacheta and Ubaque intervals on the Morichito Block."
Morichito Block Highlights
- Located within producing trends and nearby properties with existing production
- Morichito-5 Discovery Well declared commercial on March 30, 2012
- 150 sq km of 3D seismic coverage on the Block in two surveys
- 10 undrilled prospects on the Block plus additional prospects to be identified in the Carbonera, Mirador, Gacheta and Ubaque from the new 3D data
Heavy Earth is in the process of merging its 3D seismic surveys and anticipates defining new prospects to drill in the next two years and to fulfill its obligations for the relinquishment of 50% of the Block area in conjunction with a two-year E&P Contract extension from the Colombian Agencia Nacional de Hidrocarburos. Heavy Earth anticipates the merging of its 3D seismic data to be complete by late July 2012.
The Company, through its Colombian subsidiary DCX SAS, operates the Morichito Block with a 50% working interest and owns a 25% working interest in an E&P Contract that includes the La Maye block located in the Lower Magdalena Basin, Colombia.
About Heavy Earth Resources, Inc.
Heavy Earth Resources, Inc. is an oil and gas exploration, development and production company managed by experienced professionals and focused in under-explored regions and basins with proven petroleum geology fundamentals in Central and South America. The Company's shares trade on the OTC Bulletin Board and OTCQB under the symbol "HEVI".
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," or the negative thereof, and other variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include, but are not limited to, risks associated with drilling and production programs on the Morichito and La Maye Blocks resulting from geological, technical, drilling, seismic and other unforeseen problems; unexpected results of exploration and development drilling and related activities on the Morichito and La Maye Blocks; continued availability of capital and financing to fund exploration and development drilling activities; increases in operating costs; availability of skilled personnel; unpredictable weather conditions; the impact of political and economic instability in Colombia; the ability to obtain required approvals of regulatory authorities in Colombia; senior management's general inexperience in oil and gas operations in Colombia; members of senior management not being based in Colombia, and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
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 reserves that comply with the definitions presented at Rule 4-10(a) of Regulation S-X. We use certain terms in this press release that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Examples of such disclosures would be statements regarding "probable," "possible," "recoverable," or "prospective" "reserves," and "resources" among others. U.S. Investors are urged to consider closely the disclosures in our Current Report on Form 8-K filed on May 4, 2012, and other filings available at www.sec.gov or from us at Heavy Earth Resources, Inc., 625 Second Street, Suite 280, San Francisco, California 94158.