Posted On: 08/14/2013 9:15:29 AM
Post# of 89344
DUMA Energy News out this Morning August 14th!
Duma Energy Corporation to Acquire Hydrocarb Energy
Hydrocarb Energy is pleased to announce that it has signed a Letter of Intent with Duma Energy Corporation (OTCBB
UMA) to have 100% of its outstanding stock acquired by Duma. In August 2012 Duma purchased a 39% working interest in Hydrocarb’s highly prospective 5.3 million acre Owambo Basin concession in northern Namibia. As part of its work program, Hydrocarb is currently acquiring a high-resolution aerial gravity magnetics survey over the entire concession.
In addition to its huge Namibia concession, Hydrocarb is currently in final negotiations for lucrative production-sharing contracts with several African nations in the prolific East African Rift play, which has seen multi-billion barrel discoveries in recent years.
The Hydrocarb management team has extensive international exploration and production experience. Hydrocarb’s high-risk, high potential strategy complements Duma’s focus on domestic oil and gas production. Otaiba-Hydrocarb, a wholly-owned subsidiary of Hydrocarb Energy with headquarters in Abu Dhabi, U.A.E., holds a comprehensive oil and gas field services license issued by the Supreme Petroleum Council of U.A.E. and offers a full range of oil industry services to the lucrative Middle East sector. With over $100 billion annually in revenues from oil production, Abu Dhabi is in the midst of a five-year, $40 billion effort to maintain and increase its reserve base, seeking collaboration with industry experts such as Hydrocarb’s technical team.
Pasquale Scaturro, President and COO of Hydrocarb, stated, “The production from Duma’s domestic assets will become an engine that contributes to our international exploration program. We’re really excited about the opportunities that this merger will present and believe it will greatly enhance value to both shareholder groups.”
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 visit: www.hydrocarb.com
About Duma Energy Corp.
Duma Energy Corp. (DUMA) is an aggressive growth company actively producing oil and gas in the continental United States. Duma will 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
Duma Energy Corporation to Acquire Hydrocarb Energy
Hydrocarb Energy is pleased to announce that it has signed a Letter of Intent with Duma Energy Corporation (OTCBB
UMA) to have 100% of its outstanding stock acquired by Duma. In August 2012 Duma purchased a 39% working interest in Hydrocarb’s highly prospective 5.3 million acre Owambo Basin concession in northern Namibia. As part of its work program, Hydrocarb is currently acquiring a high-resolution aerial gravity magnetics survey over the entire concession. In addition to its huge Namibia concession, Hydrocarb is currently in final negotiations for lucrative production-sharing contracts with several African nations in the prolific East African Rift play, which has seen multi-billion barrel discoveries in recent years.
The Hydrocarb management team has extensive international exploration and production experience. Hydrocarb’s high-risk, high potential strategy complements Duma’s focus on domestic oil and gas production. Otaiba-Hydrocarb, a wholly-owned subsidiary of Hydrocarb Energy with headquarters in Abu Dhabi, U.A.E., holds a comprehensive oil and gas field services license issued by the Supreme Petroleum Council of U.A.E. and offers a full range of oil industry services to the lucrative Middle East sector. With over $100 billion annually in revenues from oil production, Abu Dhabi is in the midst of a five-year, $40 billion effort to maintain and increase its reserve base, seeking collaboration with industry experts such as Hydrocarb’s technical team.
Pasquale Scaturro, President and COO of Hydrocarb, stated, “The production from Duma’s domestic assets will become an engine that contributes to our international exploration program. We’re really excited about the opportunities that this merger will present and believe it will greatly enhance value to both shareholder groups.”
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 visit: www.hydrocarb.com
About Duma Energy Corp.
Duma Energy Corp. (DUMA) is an aggressive growth company actively producing oil and gas in the continental United States. Duma will 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
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