Duma Energy, accelerating its plans for rapid growth, increased revenue, cash flow and reserves, has signed a Letter of Intent to acquire 100% of the outstanding stock of Houston-based Hydrocarb Corporation.
In August last year, Duma purchased a 39% working interest in Hydrocarb's highly prospective 5.3 million-acre Owambo Basin concession in northern Namibia. Once merged, the combined company will control 100% of the working interest through discovery. As part of its work program, Hydrocarb is currently acquiring a high-resolution aerial gravity magnetics survey over the entire concession.
Duma Energy, headquartered in Houston, Texas, is an aggressive growth company actively producing oil and gas, both offshore and onshore in the United States. Duma plans to continue increasing production in existing fields through workovers, recompletions, and infrastructure improvements. The company is in the early stages of exploration in the 5.3 million acre African concession. For further information, please visit the company website at: Duma.com.
Hydrocarb Energy Corporation, headquartered in Houston, Texas, is a privately held energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. A management team that has extensive international exploration and production experience supports the company. Additionally, Hydrocarb maintains offices in Abu Dhabi, United Arab Emirates (U.A.E), operating under the name Otaiba-Hydrocarb, and in Namibia. Importantly, the company has initiated the start of a high-resolution gravity and magnetic survey over its exploration concession in the Owambo Basin in Northern Namibia. For more information, please visit the company website at: Hydrocarb.com.
Jeremy G. Driver, CEO of Duma stated, "Hydrocarb's wealth of experience in oilfield development and high-potential international exploration, combined with Duma's proven domestic oil and gas assets creates a powerful alliance that will greatly increase shareholder value." The region of Abu Dhabi in the U.A.E. is in the midst of a five-year, $40 billion effort to maintain and increase its reserve base. Hydrocarb stands to benefit from its proximate location in Abu Dhabi through the necessity for collaboration with members of the Hydrocarb Energy technical team.
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