ALBUQUERQUE, NM--(Marketwired - May 21, 2013) - Homeland Resources Ltd. (
As of Monday, May 20 th , after six days of drilling, the initial well at Liberty Ridge has reached a depth of 3,415 feet and has encountered no significant mechanical difficulties. The projected depth of the initial Liberty Ridge well is targeted for 5,650 feet. Drilling of the initial well is expected to take several weeks to reach total depth.
The Company would like to provide an update regarding the recent storm and tornado activity that affected Oklahoma in recent days. Fortunately, the storm has in no way impacted the drilling process, and the program continues uninterrupted.
"The initial progress report from the first well at Liberty Ridge was positive with over 60% of the estimated total depth achieved in less than a week," said Armando Garcia, President of Homeland Resources. "And, while we are relieved to report that Liberty Ridge drilling operations have not been hit by the massive storm system and tornados that swept through parts of Oklahoma, we would like to extend our sympathies to those that have been impacted in any way."
This is the first well in Phase-1 wells planned for drilling at Liberty Ridge. All eight targets in Phase-1 were selected based on positive indications and analytics from a proprietary 3-D seismic survey conducted by the operating partner over the last 18 months. Drilling dates for the remaining seven prospects in Phase-1 will be announced when confirmed by Homeland's operating partner.
For more information about Homeland Resources including their oil and gas projects, visit www.homelandresources.com . Stay current on all available information regarding Homeland and the energy sector by connecting with them on their social platforms:
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About Homeland Resources
Homeland Resources Ltd. (
For more information on HMLA, please visit www.homelandresources.com .
Notice Regarding Forward-Looking Statements: Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
For further information please contact: Homeland Resources Investor Relations E-mail: info@homelandresources.com Homeland Corporate: www.homelandresources.com Toll-free: (877) 503-4299
