Hydrocarb Energy is pleased to announce that it has signed a Letter of Intent with Duma Energy Corporation to have 100% of its outstanding stock acquired by Duma. In August 2012 Duma purchased a 39% working interest in Hydrocarb’s highly prospective 5.3 million acre Owambo Basin concession in northern Namibia. As part of its work program, Hydrocarb is currently acquiring a high-resolution aerial gravity magnetics survey over the entire concession.
In addition to its huge Namibia concession, Hydrocarb is currently in final negotiations for lucrative production-sharing contracts with several African nations in the prolific East African Rift play, which has seen multi-billion barrel discoveries in recent years.
The Hydrocarb management team has extensive international exploration and production experience. Hydrocarb’s high-risk, high potential strategy complements Duma’s focus on domestic oil and gas production. Otaiba-Hydrocarb, a wholly-owned subsidiary of Hydrocarb Energy with headquarters in Abu Dhabi, U.A.E., holds a comprehensive oil and gas field services license issued by the Supreme Petroleum Council of U.A.E. and offers a full range of oil industry services to the lucrative Middle East sector. With over $100 billion annually in revenues from oil production, Abu Dhabi is in the midst of a five-year, $40 billion effort to maintain and increase its reserve base, seeking collaboration with industry experts such as Hydrocarb’s technical team.
Pasquale Scaturro, President and COO of Hydrocarb stated, “The production from Duma’s domestic assets will become an engine that contributes to our international exploration program. We’re really excited about the opportunities that this merger will present and believe it will greatly enhance value to both shareholder groups.”
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