Hydrocarb Releases Geologic Field Study Report

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, 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.