DUMA $2.02 11.6K Nice news out this morning that t

DUMA $2.02 11.6K Nice news out this morning that the company has received a positive confidence report on it's African hydrocarbon exploration project.

Duma Energy Corp. (OTCBBUMA) today announced that it has received an oil concession development report from its exploration partner, Hydrocarb Energy Corporation. In the last year, three main exploration plays in Africa have been identified, and an extensive geological and geophysical review has been done. Negotiations for possible production sharing contracts (PSC) are ongoing in three major African countries.

This past year, concession acquisition efforts have focused on basins that are part of the Central and East African rift systems. Additional evaluations of highly prospective areas in the offshore of West Africa are underway. All basins under review have proven active hydrocarbon systems and appear to have tremendous potential. Adjacent to the contract areas being pursued, there are proven reserves already discovered with billions of barrels. Many regions have ongoing infrastructure development projects to facilitate exploration, production and transportation of hydrocarbons.

Hydrocarb's confidential report was based on the terms of a Petroleum Concession Consulting Agreement (PCCA) entered into in May of 2012 with Namibia Exploration, Inc (NEI). NEI was subsequently acquired by Duma.