Speaking of Holloman, thought some might be interested in this page 1 article from the Wall Street Journal - Digital edition, September 8 2008: Holloman Energy Initiates Geophysical Confirmation Program in Cooper Basin of Australia
Last update: 10:28 a.m. EDT Sept. 8, 2008 HOUSTON, Sep 8, 2008 (GlobeNewswire via COMTEX) -- Holloman Energy Corporation (HENC:holloman energy corp com News, chart, profile, more Last: 0.300.000.00%
3:40pm 09/09/2008
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: HENC 0.30, 0.00, 0.0%) ("the Company"), through its interim CEO, Grant Petersen is pleased to announce that it is beginning a drilling program of shallow test wells (200m) on its Australian Petroleum Exploration Lease (PEL) 112, to confirm the location of physical structures identified by the Company's seismic data. This shallow drilling is in advance of a multi-well drilling program with total depths to approximately 6,500 feet, is expected to start late in the fourth quarter of 2008 to early 2009. On advice of the Company's Australian based technical consultants, a recommendation has been made that the Company first drill "Up-hole" tests at key strategic points on the specific seismic lines which have been used to define the target structures. The results from these Up-hole tests will be used to fine tune the exploration well locations. Up-hole tests, while not required are not uncommon in this part of the Cooper Basin due to a surface layer of thick sand dunes. Upon completion of these Up-hole tests, pending successful outcomes, the Company will apply for drilling permits from the Australian Government. The proposed well locations are located in the upper panhandle portion of the Company's 554 thousand acre PEL112 concession in Australia's prolific Cooper Eromonga Basin. What makes this play and our locations of such current interest is its center alignment and close proximity to the newly discovered Cooper Energy Parsons Field less than 25km to the Northeast (First two wells with an initial production capacity of approximately 4,792 bod), the Beach Petroleum Callawonga Field and additional 10km further to the to the Northeast. (Three wells, approximately 5,000 bod) and the Malapula Field (Est. 1-5mm barrels recoverable) to the Southwest. The Company's well locations can be found on its website at this link. http://www.hollomanenergy.com/Cooper_Basin_PEL112 About Holloman Energy Holloman Energy Corp. is an emerging international oil and gas exploration and development independent whose controlling shareholder is Houston-based Holloman Corp. ( http://www.hollomancorp.com). The company's primary activities are located in well-defined Australian assets. Holloman currently holds interests in an excess of 1.7 million acres in Australia. HENC now has working interests, varying between 37.5% and 100%, in several oil and gas permits awarded by the Australian government. These permits cover 5,873 square kilometers (1,118,145 acres) of land in the Cooper basin and 2,589 square kilometers (639,755 acres) offshore in the Gippsland basin and Barrow sub-basin. HENC's management believes Australia is a politically stable environment that is pro hydrocarbon development. The oil and gas areas in which HENC holds its interests have had several major discoveries in various stages of development since the late 1960's, and have yielded substantial production to the global markets. Several of the world's largest oil and gas companies are producing, developing and exploring adjacent to each of HENC's oil and gas concessions. HENC believes that Australian oil and gas reserves are widely known to be under-explored and under-developed. Industry estimates set proven reserves of Australian oil at 4 billion bbls though only a small fraction of known potential has been exploited. HENC believes the Australian environment provides the enviable combination of low-risk and strong potential return. 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 Securities and Exchange Commission.
RMG Price at posting:
1.2¢ Sentiment: ST Buy Disclosure: Held
