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No Oil Shows in Holloman's Wolfman #1 Exploration Well

Source: www.gulfoilandgas.com 8/7/2013, Location: Not categorized

Holloman Energy Corporation (Holloman) reports no oil shows were observed while drilling in its primary and secondary oil objectives in the Wolfman #1 exploration well on Petroleum Exploration License (PEL) 112. Hunt Energy Rig #3 encountered its primary objective, the Namur Sandstone, at approximately 1,197 meters (3,927 feet) on August 6, 2013, and drilled ahead to its secondary targets in the Birkhead formation and Hutton sandstones. Wolfman #1 reached Total Depth of 1,703 meters (5,587 feet), on August 7, 2013. In the event wireline logging confirms a dry hole, the well will be plugged and abandoned.

The drilling of Wolfman #1 fulfills Holloman's minimum work requirement for PEL 112 License Year Five. 3D Sesimic data has been acquired on only 5.7% (31,382 of 542,643 acres) of the land comprising PEL 112. Holloman believes significant potential remains for future seismic to identify migration trends and additional prospects during the next exploration term.

Holloman intends to focus efforts on its PEL 444 drill plans while science gathered in connection with the Wolfman #1 well is being analyzed.

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