HOUSTON, TX--(Marketwired - Dec 4, 2015) - Holloman Energy Corporation (OTCQB: HENC) is pleased to announce that the Eastern Well 101 Rig spudded the Baikal #1 well at 6:30pm South Australian time on the 3rd of December 2015. At 8:00pm South Australian time on the 4th of December 2015, the well was drilled to a depth of 629 meters and was progressing well. The Company's CEO Mark Stevenson commented, "We are pleased that the operations for the Baikal #1 have begun and we are looking forward to the findings. The reduction in the cost of drilling services has benefited this well and will benefit future wells." Oil in the Cooper Basin typically has very low gas-oil ratios that require less processing and usually commands premium pricing over the Brent market price.
About Holloman Energy
Holloman is focused on exploring and producing oil in Australia's Cooper Basin. Holloman's Cooper Basin licenses include interests in PEL 112 and PEL 444 which currently comprise 3,444 km2 (approximate 850,000 gross acres, 413,000 net acres) on the prolific Western Margin of Australia's Cooper - Eromanga Basin.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to publicly update any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS
Holloman Energy Corporation
(December 4, 2015 - 1:48 PM EST)
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