Hydrocarb Energy Corporation Releases Geologic Field Study Report


Hydrocarb Energy Corporation Releases Geologic Field Study Report

Independent Lab Confirms Crude Oil in Namibian Soil Sample

HOUSTON--(BUSINESS WIRE)-- Results from Hydrocarb Energy Corporation's recent geologic field survey in the Owambo Basin confirm the presence of crude oil from a probable carbonate source according to a study performed by Weatherford Laboratories of Houston, TX.

The independent analysis was performed on a soil sample from the vicinity of the Etosha Petroleum 5-1A well bore, the only well in the entire Owambo Basin to penetrate the top of the prospective carbonate section.

Jeremy Driver, Chief Executive of Duma Energy (OTCBB:DUMA), stated, "We're very encouraged by the results of the Weatherford report. Carbonate basins of a similar age, which are found in North Africa, Siberia, and Oman, are known for prolific oil production." Duma Energy is a 39% working interest partner in Hydrocarb Energy Corporation's onshore Owambo Basin concession.

Pasquale Scaturro, Hydrocarb's President commented, "This positive news confirms our belief that a petroleum system is present in northern Namibia and that the Owambo Basin has the potential to develop into a major petroleum province."

Hydrocarb expects to release the full soil sample report along with the results of the recently completed geologic field study shortly, and are currently launching a source rock study in the 5.3 million acre Owambo Basin concession. It will be followed by an airborne high-resolution gravity and magnetics survey.

About Hydrocarb Energy Corporation

Hydrocarb Energy Corporation is a privately held energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With headquarters in Houston, Texas we maintain offices in Abu Dhabi, UAE and Windhoek, Namibia. For further information: www.hydrocarb.com

About Duma Energy Corporation

Duma Energy Corporation (OTCBB:DUMA) is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma also has a significant interest in a 5.3-million acre concession in the Republic of Namibia in Southern Africa. Duma Energy will continue increasing revenue, cash flow, and reserves to fund its aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders. Further information can be found on the Company's website at www.duma.com

Hydrocarb Energy Corporation
Kent Watts, CEO, 281-978-2590

KEYWORDS: United States North America Namibia Africa Texas


The article Hydrocarb Energy Corporation Releases Geologic Field Study Report originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.