Duma Energy Corp is pleased to announce that it has completed the share exchange agreement, dated August 7, 2012 (the “Agreement”) with Namibia Exploration, Inc. (“NEI”); the “Acquisition”. As a result of the completion of the Acquisition, NEI became a wholly owned subsidiary of Duma.
Duma, indirectly through NEI, has received a 39% working interest (43.33% cost responsibility) in an onshore African petroleum concession (the “Concession”) located in the Republic of Namibia which is approximately 5.3 million acres in size covered by Petroleum Exploration License No. 0038 issued by the Republic of Namibia Ministry of Mines and Energy. Duma holds its indirect working interest in the Concession in partnership with the National Petroleum Corporation of Namibia Ltd. (“NPC Namibia”) and Hydrocarb Namibia Energy Corporation (“Hydrocarb Namibia”), a company chartered in the Republic of Namibia and which is a majority owned subsidiary of Hydrocarb Corporation (“Hydrocarb”), a company organized under the laws of the State of Nevada, USA. Hydrocarb Namibia, as operator of the Concession, holds at 51% working interest (56.67% cost responsibility) in the Concession and NPC Namibia holds a 10% carried working interest in the Concession.
“The timely issuance of the concession license by the government of Namibia allows us now to begin focusing our efforts on the task of exploring our massive concession, which is roughly the size of the state of Massachusetts,” stated Jeremy G. Driver, Chairman and CEO of Duma Energy Corp. Driver added, “We are excited to move forward with the exploration phase in Namibia and are encouraged by the geological progress and findings so far.”
Pasquale Scaturro, Hydrocarb’s President and Chief Operating Officer stated, “There are few governments in Africa that can match the transparency and professionalism of Namibia. We are truly pleased to have such a large and premium concession located in an extremely prospective basin.”