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Hydrocarb Energy Updates Source Rock Evaluation for its Africa Concession
HOUSTON--(BUSINESS WIRE)--
Hydrocarb Energy Corporation has released additional results from a recent field outcrop study on its northern Namibian concession. Final lab analyses have indicated significant reservoir porosity as well the presence of degraded crude oil.
The concession blocks (1714A, 1715, 1814A, 1815A) are located in the under-explored and highly prospective Owambo Basin, operated by Hydrocarb Energy and held with partners Duma Energy (DUMA) with a 39% working interest, and Namcor with 10%.
The partnership is encouraged by the results of the initial prospect evaluation. Oil from probable carbonate sources has been detected in soil samples collected at the previously drilled and tested Etosha 5-1A well and were analyzed and identified by Weatherford Laboratories in Houston, Texas.
Reservoir rock outcrop studies have indicated good lateral extent, thickness, and porosity of target reservoir facies. Porosities in the primary carbonate reservoir objective, Huttenberg Formation, exceed 36% total porosity and range from 22% - 37%.
In-house resource estimates at the structural Oponono Prospect range from 235 million (P90) up to a potential 1.1 billion (P10) barrels of oil. P50 resources at Oponono Prospect are estimated at 650 million barrels of oil. Additional prospects have been identified including reefs and several structural traps.
Pasquale Scaturro, President and COO of Hydrocarb, commented, “We believe the Owambo Basin has all the ingredients to become a major new hydrocarbon province. We’ve discovered several new prospects and significant progress has been made towards identifying source and reservoir rocks. Hydrocarb Energy Corporation is continuing with its aggressive work program, including an airborne magnetic and gravity survey and the planning of new 2 dimension seismic data.”
Nothing but good news on the Duma front!
Hydrocarb Energy Updates Source Rock Evaluation for its Africa Concession
Hydrocarb Energy Corporation has released additional results from a recent field outcrop study on its northern Namibian concession. Final lab analyses have indicated significant reservoir porosity as well the presence of degraded crude oil.
The concession blocks (1714A, 1715, 1814A, 1815A) are located in the under-explored and highly prospective Owambo Basin, operated by Hydrocarb Energy and held with partners Duma Energy (DUMA) with a 39% working interest, and Namcor with 10%.
The partnership is encouraged by the results of the initial prospect evaluation. Oil from probable carbonate sources has been detected in soil samples collected at the previously drilled and tested Etosha 5-1A well and were analyzed and identified by Weatherford Laboratories in Houston, Texas.
Reservoir rock outcrop studies have indicated good lateral extent, thickness, and porosity of target reservoir facies. Porosities in the primary carbonate reservoir objective, Huttenberg Formation, exceed 36% total porosity and range from 22% - 37%.
In-house resource estimates at the structural Oponono Prospect range from 235 million (P90) up to a potential 1.1 billion (P10) barrels of oil. P50 resources at Oponono Prospect are estimated at 650 million barrels of oil. Additional prospects have been identified including reefs and several structural traps.
Pasquale Scaturro, President and COO of Hydrocarb, commented, “We believe the Owambo Basin has all the ingredients to become a major new hydrocarbon province. We’ve discovered several new prospects and significant progress has been made towards identifying source and reservoir rocks. Hydrocarb Energy Corporation is continuing with its aggressive work program, including an airborne magnetic and gravity survey and the planning of new 2 dimension seismic data.”
About Hydrocarb Energy Corporation
Hydrocarb Energy Corporation 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. With headquarters in Houston, Texas we maintain offices in Abu Dhabi, UAE and Windhoek, Namibia.
DUMA with More Positive Results for Owambo Oil & Gas Exploration Effort
Hydrocarb Energy Updates Source Rock Evaluation for its Africa Concession
Hydrocarb Energy Corporation has released additional results from a recent field outcrop study on its northern Namibian concession. Final lab analyses have indicated significant reservoir porosity as well the presence of degraded crude oil.
The concession blocks (1714A, 1715, 1814A, 1815A) are located in the under-explored and highly prospective Owambo Basin, operated by Hydrocarb Energy and held with partners Duma Energy (DUMA) with a 39% working interest, and Namcor with 10%.
The partnership is encouraged by the results of the initial prospect evaluation. Oil from probable carbonate sources has been detected in soil samples collected at the previously drilled and tested Etosha 5-1A well and were analyzed and identified by Weatherford Laboratories in Houston, Texas.
Reservoir rock outcrop studies have indicated good lateral extent, thickness, and porosity of target reservoir facies. Porosities in the primary carbonate reservoir objective, Huttenberg Formation, exceed 36% total porosity and range from 22% - 37%.
In-house resource estimates at the structural Oponono Prospect range from 235 million (P90) up to a potential 1.1 billion (P10) barrels of oil. P50 resources at Oponono Prospect are estimated at 650 million barrels of oil. Additional prospects have been identified including reefs and several structural traps.
Pasquale Scaturro, President and COO of Hydrocarb, commented, “We believe the Owambo Basin has all the ingredients to become a major new hydrocarbon province. We’ve discovered several new prospects and significant progress has been made towards identifying source and reservoir rocks. Hydrocarb Energy Corporation is continuing with its aggressive work program, including an airborne magnetic and gravity survey and the planning of new 2 dimension seismic data.”
ERFB-Revenues Increase 51%
ERF Wireless Third Quarter 2012 Revenues Increase 51% to $2,008,000 and Gross Profit Increases by 228% Due to Record Results Posted by Energy Broadband Oil and Gas Subsidiary
LEAGUE CITY, TX--(Marketwire - Nov 15, 2012) - ERF Wireless, Inc. ( OTCBB : ERFB ) (the "Company"), a leading provider of enterprise-class wireless and broadband products and services, announced today that the company has filed its Form 10-Q with the Securities and Exchange Commission reporting results for the quarter ended September 30, 2012.
The Company's financial results reflect its continued focus on growth through the expansion of its turnkey communications services to the oil and gas industry during a period of continued brisk oil and gas drilling activity in North America. These results include, but are not limited, to the following attributes:
The Company's overall consolidated revenues for the quarter ended September 30, 2012 was $2,008,000, an increase of $677,000 or 51%, as compared to $1,331,000 for the same prior year quarter ended September 30, 2011. The overall increase was comprised of a $654,000 increase in revenues in our Energy Broadband oil and gas operations subsidiary ("EBI"), in addition a combined increase of $37,000 from our wireless bundled services and enterprise network services business units and a $14,000 decline in our wireless messaging services.
Revenues of the Company's EBI subsidiary for the quarter ended September 30, 2012 were $1,363,000 as compared to revenues of $709,000 for the same prior year quarter ended September 30, 2011; an increase of $654,000 or 92%.
The Company's gross profit for the quarter ended September 30, 2012 was $977,000 as compared to $298,000 for the same prior year quarter ended September 30, 2011; an increase of $679,000 or 228%. This 228% increase in gross profits, along with the Company's 51% increase in revenues for the quarter ended September 30, 2012, resulted in an overall increase of gross margins of 49% for the quarter ended September 30, 2012 as compared to 22% for the same prior year quarter ended September 30, 2011.
The Company's consolidated net loss for the quarter ended September 30, 2012 was $1,453,000, as compared to a consolidated net loss of $1,348,000 for the same prior quarter ended September 30, 2011.
The Company's primary and fully-diluted net loss per share for the quarter ended September 30, 2012, was ($0.39), as compared to a fully-diluted net loss per share for the quarter ended September 30, 2011, of ($0.89).
Richard Royall, CFO of ERF Wireless, commented, "During the third quarter of 2012, we continued to experience substantial growth of both revenues and gross profits in our Energy Broadband subsidiary's business in the oil and gas sector. Energy Broadband now represents 68% of the total ERF Wireless revenue and continues to have a very positive impact on the company's overall results."
Dr. H. Dean Cubley, CEO of ERF Wireless, commented, "We are very pleased with our third quarter results, which continue to be driven by the expansion of the drilling activity of our major oil and gas customers. Low natural gas prices have also resulted in a consolidation of drilling rigs in the more oil-rich areas, which we believe has made it much easier for Energy Broadband to consolidate its resources and service its customers in a more concentrated fashion. We remain excited and encouraged by the strong growth of our major oil and gas customers, and believe that our results demonstrate the profitability of our business model in that industry.
Operational Highlights
The Company continued its recently initiated expansion of its existing terrestrial broadband networks through a combination of construction and contractual agreements into major oil and gas drilling areas in the states of Kansas and Montana; allowing our Energy Broadband subsidiary to meet the communications needs of existing Fortune 200 customers' increased drilling in these markets. Additionally, the Company recently opened warehouse and operating facilities and is in the process of designing and building a new terrestrial broadband network in the Bakken Shale area of North Dakota. The Company also expanded its existing networks in Texas, New Mexico and Oklahoma.
The Company announced that it is also providing terrestrial wireless communications services for a customer in the Wattenberg Field of the Niobrara Basin north of Denver, Colorado. The Company began providing services for this customer in the later part of the second quarter of 2012 and this customer continues to add rigs.
About ERF Wireless
ERF Wireless Inc. is a fully reporting public corporation located in League City, Texas, and is the parent company of Energy Broadband Inc., ERF Enterprise Network Services, ERF Bundled Wireless Services, ERF Wireless Messaging Services and ERF Network Services. The company specializes in providing wireless and broadband product and service solutions to enterprise, commercial and residential clients on a regional, national and international basis. Its principals have been in the wireless broadband, network integration, triple-play FTTH, IPTV and content delivery business for more than 40 years.
Duma Energy Announces Strong Year End Results
HOUSTON, Nov. 14, 2012 (GLOBE NEWSWIRE) -- Duma Energy Corp. (DUMA) has announced that its financial and operational results for its full fiscal year and fourth quarter ended July 31, 2012 have been filed with the SEC.
Year End Select Results:
Production (net) increased 157% to 98.17 Mboe (thousands of barrels of oil equivalent) from 38.12 Mboe the previous year.
Revenue was $7.17 million, up 110% from $3.41 million in the previous year.
Cash flow from operations was $0.63 million, compared to negative ($2.27 million) last year.
Assets totaled $25.78 million, up 52% from $16.94 million in the previous year.
Equity was $12.3 million, up 86% from $6.63 million last year.
Net Loss was ($4.58 million), as compared to a loss in 2011 of ($10.29 million)
Fourth Quarter Select Results:
Production (net) increased 38% to 30.24 Mboe from 21.99 Mboe in the third quarter.
Revenue for the quarter increased to $1.89 million.
Cash flow from operations for the quarter was up significantly to $1.04 million.
"Our focus on cash flow and production has allowed us to continue growing our revenue and assets. We expect this trend to continue throughout next year. We are becoming more aggressive in our pursuit of acquisitions and additional production, including our recent acquisition of interest in 5.3 million acres in Namibia, Africa. We believe strongly that the Company is poised to grow substantially in the near term," said Jeremy G. Driver, President and Chief Executive Officer of Duma Energy Corp.
ERFB wireless company going much higher .68
ERF Wireless Third Quarter 2012 Revenues Increase 51% to $2,008,000 and Gross Profit Increases by 228% Due to Record Results Posted by Energy Broadband Oil and Gas Subsidiary
LEAGUE CITY, TX--(Marketwire - Nov 15, 2012) - ERF Wireless, Inc. ( OTCBB : ERFB ) (the "Company"), a leading provider of enterprise-class wireless and broadband products and services, announced today that the company has filed its Form 10-Q with the Securities and Exchange Commission reporting results for the quarter ended September 30, 2012.
The Company's financial results reflect its continued focus on growth through the expansion of its turnkey communications services to the oil and gas industry during a period of continued brisk oil and gas drilling activity in North America. These results include, but are not limited, to the following attributes:
The Company's overall consolidated revenues for the quarter ended September 30, 2012 was $2,008,000, an increase of $677,000 or 51%, as compared to $1,331,000 for the same prior year quarter ended September 30, 2011. The overall increase was comprised of a $654,000 increase in revenues in our Energy Broadband oil and gas operations subsidiary ("EBI"), in addition a combined increase of $37,000 from our wireless bundled services and enterprise network services business units and a $14,000 decline in our wireless messaging services.
Revenues of the Company's EBI subsidiary for the quarter ended September 30, 2012 were $1,363,000 as compared to revenues of $709,000 for the same prior year quarter ended September 30, 2011; an increase of $654,000 or 92%.
The Company's gross profit for the quarter ended September 30, 2012 was $977,000 as compared to $298,000 for the same prior year quarter ended September 30, 2011; an increase of $679,000 or 228%. This 228% increase in gross profits, along with the Company's 51% increase in revenues for the quarter ended September 30, 2012, resulted in an overall increase of gross margins of 49% for the quarter ended September 30, 2012 as compared to 22% for the same prior year quarter ended September 30, 2011.
The Company's consolidated net loss for the quarter ended September 30, 2012 was $1,453,000, as compared to a consolidated net loss of $1,348,000 for the same prior quarter ended September 30, 2011.
The Company's primary and fully-diluted net loss per share for the quarter ended September 30, 2012, was ($0.39), as compared to a fully-diluted net loss per share for the quarter ended September 30, 2011, of ($0.89).
Richard Royall, CFO of ERF Wireless, commented, "During the third quarter of 2012, we continued to experience substantial growth of both revenues and gross profits in our Energy Broadband subsidiary's business in the oil and gas sector. Energy Broadband now represents 68% of the total ERF Wireless revenue and continues to have a very positive impact on the company's overall results."
Dr. H. Dean Cubley, CEO of ERF Wireless, commented, "We are very pleased with our third quarter results, which continue to be driven by the expansion of the drilling activity of our major oil and gas customers. Low natural gas prices have also resulted in a consolidation of drilling rigs in the more oil-rich areas, which we believe has made it much easier for Energy Broadband to consolidate its resources and service its customers in a more concentrated fashion. We remain excited and encouraged by the strong growth of our major oil and gas customers, and believe that our results demonstrate the profitability of our business model in that industry.
Operational Highlights
The Company continued its recently initiated expansion of its existing terrestrial broadband networks through a combination of construction and contractual agreements into major oil and gas drilling areas in the states of Kansas and Montana; allowing our Energy Broadband subsidiary to meet the communications needs of existing Fortune 200 customers' increased drilling in these markets. Additionally, the Company recently opened warehouse and operating facilities and is in the process of designing and building a new terrestrial broadband network in the Bakken Shale area of North Dakota. The Company also expanded its existing networks in Texas, New Mexico and Oklahoma.
The Company announced that it is also providing terrestrial wireless communications services for a customer in the Wattenberg Field of the Niobrara Basin north of Denver, Colorado. The Company began providing services for this customer in the later part of the second quarter of 2012 and this customer continues to add rigs.
ERF Wireless Third Quarter 2012 Revenues Increase 51% to $2,008,000 and Gross Profit Increases by 228% Due to Record Results Posted by Energy Broadband Oil and Gas Subsidiary
LEAGUE CITY, TX--(Marketwire - Nov 15, 2012) - ERF Wireless, Inc. ( OTCBB : ERFB ) (the "Company"), a leading provider of enterprise-class wireless and broadband products and services, announced today that the company has filed its Form 10-Q with the Securities and Exchange Commission reporting results for the quarter ended September 30, 2012.
The Company's financial results reflect its continued focus on growth through the expansion of its turnkey communications services to the oil and gas industry during a period of continued brisk oil and gas drilling activity in North America. These results include, but are not limited, to the following attributes:
The Company's overall consolidated revenues for the quarter ended September 30, 2012 was $2,008,000, an increase of $677,000 or 51%, as compared to $1,331,000 for the same prior year quarter ended September 30, 2011. The overall increase was comprised of a $654,000 increase in revenues in our Energy Broadband oil and gas operations subsidiary ("EBI"), in addition a combined increase of $37,000 from our wireless bundled services and enterprise network services business units and a $14,000 decline in our wireless messaging services.
Revenues of the Company's EBI subsidiary for the quarter ended September 30, 2012 were $1,363,000 as compared to revenues of $709,000 for the same prior year quarter ended September 30, 2011; an increase of $654,000 or 92%.
The Company's gross profit for the quarter ended September 30, 2012 was $977,000 as compared to $298,000 for the same prior year quarter ended September 30, 2011; an increase of $679,000 or 228%. This 228% increase in gross profits, along with the Company's 51% increase in revenues for the quarter ended September 30, 2012, resulted in an overall increase of gross margins of 49% for the quarter ended September 30, 2012 as compared to 22% for the same prior year quarter ended September 30, 2011.
The Company's consolidated net loss for the quarter ended September 30, 2012 was $1,453,000, as compared to a consolidated net loss of $1,348,000 for the same prior quarter ended September 30, 2011.
The Company's primary and fully-diluted net loss per share for the quarter ended September 30, 2012, was ($0.39), as compared to a fully-diluted net loss per share for the quarter ended September 30, 2011, of ($0.89).
Richard Royall, CFO of ERF Wireless, commented, "During the third quarter of 2012, we continued to experience substantial growth of both revenues and gross profits in our Energy Broadband subsidiary's business in the oil and gas sector. Energy Broadband now represents 68% of the total ERF Wireless revenue and continues to have a very positive impact on the company's overall results."
Dr. H. Dean Cubley, CEO of ERF Wireless, commented, "We are very pleased with our third quarter results, which continue to be driven by the expansion of the drilling activity of our major oil and gas customers. Low natural gas prices have also resulted in a consolidation of drilling rigs in the more oil-rich areas, which we believe has made it much easier for Energy Broadband to consolidate its resources and service its customers in a more concentrated fashion. We remain excited and encouraged by the strong growth of our major oil and gas customers, and believe that our results demonstrate the profitability of our business model in that industry.
Operational Highlights
The Company continued its recently initiated expansion of its existing terrestrial broadband networks through a combination of construction and contractual agreements into major oil and gas drilling areas in the states of Kansas and Montana; allowing our Energy Broadband subsidiary to meet the communications needs of existing Fortune 200 customers' increased drilling in these markets. Additionally, the Company recently opened warehouse and operating facilities and is in the process of designing and building a new terrestrial broadband network in the Bakken Shale area of North Dakota. The Company also expanded its existing networks in Texas, New Mexico and Oklahoma.
The Company announced that it is also providing terrestrial wireless communications services for a customer in the Wattenberg Field of the Niobrara Basin north of Denver, Colorado. The Company began providing services for this customer in the later part of the second quarter of 2012 and this customer continues to add rigs.
About ERF Wireless
ERF Wireless Inc. is a fully reporting public corporation located in League City, Texas, and is the parent company of Energy Broadband Inc., ERF Enterprise Network Services, ERF Bundled Wireless Services, ERF Wireless Messaging Services and ERF Network Services. The company specializes in providing wireless and broadband product and service solutions to enterprise, commercial and residential clients on a regional, national and international basis. Its principals have been in the wireless broadband, network integration, triple-play FTTH, IPTV and content delivery business for more than 40 years.
Another great day for DUMA!
Here's some encouraging news-
Duma Reports Crude Oil Confirmed in Namibia Owambo Basin Soil Sample
HOUSTON, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Duma Energy Corp. (DUMA) is pleased to announce that the results of Hydrocarb Energy Corporation's recent geologic field survey in the Owambo Basin confirms the presence of crude oil from a probable carbonate source according to a study performed by Weatherford Laboratories of Houston, TX.
Jeremy G. Driver, Chief Executive Officer 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.
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.
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 reservoir and source rock field study shortly. Encouraged by the results of the first study, they are currently launching a second source rock study in the 5.3 million-acre Owambo Basin concession. It will be followed by an airborne high-resolution gravity and magnetic survey.
About Duma Energy Corp.
Duma Energy Corp. (DUMA) is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma also has a significant interest in a 5.3 million-acre concession in the Republic of Namibia in southern Africa. Duma Energy will continue increasing revenue, cash flow, and reserves while pursuing aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders.
Duma Reports Crude Oil Confirmed in Namibia Owambo Basin Soil Sample
HOUSTON, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Duma Energy Corp. (DUMA) is pleased to announce that the results of Hydrocarb Energy Corporation's recent geologic field survey in the Owambo Basin confirms the presence of crude oil from a probable carbonate source according to a study performed by Weatherford Laboratories of Houston, TX.
Jeremy G. Driver, Chief Executive Officer 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.
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.
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 reservoir and source rock field study shortly. Encouraged by the results of the first study, they are currently launching a second source rock study in the 5.3 million-acre Owambo Basin concession. It will be followed by an airborne high-resolution gravity and magnetic survey.
About Duma Energy Corp.
Duma Energy Corp. (DUMA) is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma also has a significant interest in a 5.3 million-acre concession in the Republic of Namibia in southern Africa. Duma Energy will continue increasing revenue, cash flow, and reserves while pursuing aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders.
DUMA-Namibia Oil Exploration Update
HOUSTON--(BUSINESS WIRE)--
Following the recent farm-out agreement with Duma Energy Corporation (DUMA), Hydrocarb Energy Corporation is pleased to issue an update on its exploration activity in the Owambo Basin, Namibia. Highlights include:
August 31, 2011: The Petroleum Agreement for Blocks 1714A, 1715, 1814A, 1815A is signed.
September 23, 2011: Petroleum License #0038 issued; valid for 4 years.
Since that time Hydrocarb has obtained all currently available raster and digital seismic data, well data and geophysical and geological (G&G) reports in the Owambo Basin.
April 17, 2012: The initial Technical Advisory Committee meeting is held in Windhoek, Namibia resulting in full approval for Hydrocarb’s work program and budget by the Ministry of Mines and Energy (MME).
Hydrocarb is currently undertaking a review and analysis of all known technical G&G reports, data, and studies including aeromagnetic/gravity surveys; reprocessing selected seismic lines for initial reconnaissance mapping; and updating the 2004 NSAI Resource Estimate to include new data and G&G studies.
Pasquale Scaturro, Hydrocarb’s President commented, “Hydrocarb continues to acquire all available technical data including drilling, seismic, magnetic and gravity data, core data, drill cuttings and mud logging reports, and existing reports relating to prospectivity for hydrocarbons in the license area. We’re now getting ready to fly aeromagnetic and gravity surveys to prepare for upcoming acquisition of regional 2D seismic data.”
July 2012: A team of geologists from Hydrocarb and Namibia’s MME undertook a two week field study in the Owambo Basin visiting numerous outcrops and completing a comprehensive analysis of source and reservoir rock. Samples are currently being analyzed by an independent laboratory.
August 2012: Hydrocarb completes a farm-out agreement with Duma Energy Corporation. Houston-based Duma acquires a 39% working interest in the 5.3 million acre Owambo concession.
Namibia could yield big payoff
Duma gambles that its investment in Namibia could yield big payoff
Much like its namesake would pounce on its prey, Houston’s Duma Energy Co. has seized an opportunity to make a potential killing in the African nation of Namibia.
CEO Jeremy Driver has led Duma, which is the Swahili word for “cheetah,” into a partnership with his onetime boss, Kent Watts, now chairman and CEO of Houston-based Hydrocarb Energy, in the relatively unproven land of Namibia, which borders South Africa.
Though Namibia, which some estimate could yield more than 1 billion barrels of oil from onshore assets, hasn’t produced much yet, its prospects represent a game-changer for Duma and its shareholders
Duma Energy Partnership Accelerates HEC Operations in Africa
Good things to come for Duma
Following the recent farm-out agreement with Duma Energy Corporation (DUMA), Hydrocarb Energy Corporation is pleased to issue an update on its exploration activity in the Owambo Basin, Namibia. Highlights include:
August 31, 2011: The Petroleum Agreement for Blocks 1714A, 1715, 1814A, 1815A is signed.
September 23, 2011: Petroleum License #0038 issued; valid for 4 years.
Since that time Hydrocarb has obtained all currently available raster and digital seismic data, well data and geophysical and geological (G&G) reports in the Owambo Basin.
April 17, 2012: The initial Technical Advisory Committee meeting is held in Windhoek, Namibia resulting in full approval for Hydrocarb’s work program and budget by the Ministry of Mines and Energy (MME).
Hydrocarb is currently undertaking a review and analysis of all known technical G&G reports, data, and studies including aeromagnetic/gravity surveys; reprocessing selected seismic lines for initial reconnaissance mapping; and updating the 2004 NSAI Resource Estimate to include new data and G&G studies.
Pasquale Scaturro, Hydrocarb’s President commented, “Hydrocarb continues to acquire all available technical data including drilling, seismic, magnetic and gravity data, core data, drill cuttings and mud logging reports, and existing reports relating to prospectivity for hydrocarbons in the license area. We’re now getting ready to fly aeromagnetic and gravity surveys to prepare for upcoming acquisition of regional 2D seismic data.”
July 2012: A team of geologists from Hydrocarb and Namibia’s MME undertook a two week field study in the Owambo Basin visiting numerous outcrops and completing a comprehensive analysis of source and reservoir rock. Samples are currently being analyzed by an independent laboratory.
August 2012: Hydrocarb completes a farm-out agreement with Duma Energy Corporation. Houston-based Duma acquires a 39% working interest in the 5.3 million acre Owambo concession.
Duma Featured on Cover of Houston Business Journal
HOUSTON, Oct. 2, 2012 (GLOBE NEWSWIRE) -- Duma Energy Corp. (DUMA) has been featured in a Houston Business Journal cover story following an interview with CEO Jeremy G. Driver that covers Duma's recently announced venture into Namibia, Africa. The article appeared on the front cover of the Sept 28, 2012 issue.
In addition, Duma recently received an "Outperform" rating by Zacks Investment Research with a 6-month price target of $5.00. The Zacks analyst report is now available on the Company's website at www.duma.com and the news article is available at HoustonBusinessJournal.
About Duma Energy Corp.
Duma Energy Corp. (DUMA) is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma also has a significant interest in a 5.3-million acre concession in the Republic of Namibia in southern Africa. Duma Energy will continue increasing revenue, cash flow, and reserves while pursuing aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders. Further information can be found on the Company's website at www.duma.com
Update
Following the recent farm-out agreement with Duma Energy Corporation (DUMA), Hydrocarb Energy Corporation is pleased to issue an update on its exploration activity in the Owambo Basin, Namibia. Highlights include:
August 31, 2011: The Petroleum Agreement for Blocks 1714A, 1715, 1814A, 1815A is signed.
September 23, 2011: Petroleum License #0038 issued; valid for 4 years.
Since that time Hydrocarb has obtained all currently available raster and digital seismic data, well data and geophysical and geological (G&G) reports in the Owambo Basin.
April 17, 2012: The initial Technical Advisory Committee meeting is held in Windhoek, Namibia resulting in full approval for Hydrocarb’s work program and budget by the Ministry of Mines and Energy (MME).
Hydrocarb is currently undertaking a review and analysis of all known technical G&G reports, data, and studies including aeromagnetic/gravity surveys; reprocessing selected seismic lines for initial reconnaissance mapping; and updating the 2004 NSAI Resource Estimate to include new data and G&G studies.
Pasquale Scaturro, Hydrocarb’s President commented, “Hydrocarb continues to acquire all available technical data including drilling, seismic, magnetic and gravity data, core data, drill cuttings and mud logging reports, and existing reports relating to prospectivity for hydrocarbons in the license area. We’re now getting ready to fly aeromagnetic and gravity surveys to prepare for upcoming acquisition of regional 2D seismic data.”
July 2012: A team of geologists from Hydrocarb and Namibia’s MME undertook a two week field study in the Owambo Basin visiting numerous outcrops and completing a comprehensive analysis of source and reservoir rock. Samples are currently being analyzed by an independent laboratory.
August 2012: Hydrocarb completes a farm-out agreement with Duma Energy Corporation. Houston-based Duma acquires a 39% working interest in the 5.3 million acre Owambo concession.
About Hydrocarb Corp.
Hydrocarb Energy Corp. 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. With headquarters in Houston, Texas we maintain offices in Abu Dhabi, UAE and Windhoek, Namibia. For further information: www.hydrocarb.com
Featured on Cover of Houston Business Journal
HOUSTON, Oct. 2, 2012 (GLOBE NEWSWIRE) -- Duma Energy Corp. (DUMA) has been featured in a Houston Business Journal cover story following an interview with CEO Jeremy G. Driver that covers Duma's recently announced venture into Namibia, Africa. The article appeared on the front cover of the Sept 28, 2012 issue.
In addition, Duma recently received an "Outperform" rating by Zacks Investment Research with a 6-month price target of $5.00. The Zacks analyst report is now available on the Company's website at www.duma.com.
About Duma Energy Corp.
Duma Energy Corp. (DUMA) is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma also has a significant interest in a 5.3-million acre concession in the Republic of Namibia in southern Africa. Duma Energy will continue increasing revenue, cash flow, and reserves while pursuing aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders. Further information can be found on the Company's website at www.duma.com
Strong news on Duma front
Duma Energy Enters Negotiations for African Concession
HOUSTON, July 11, 2012 (GLOBE NEWSWIRE) -- Duma Energy Corp. (DUMA) (the "Company") is pleased to announce that it has entered into the final stage of negotiations regarding the proposed acquisition by the Company of a private corporation with a significant interest in an African concession totaling approximately 6 million acres (25,000 square km) (the "Proposed Acquisition"). The Company is seeking to expand beyond its current U.S. operations and acquire highly prospective opportunities in emerging exploration regions.
"Our success in the last two years has put us in a strong position for growth. We believe it is the right time to be aggressive and continue to pursue our stated goal of seeking projects that offer huge potential returns. There are great opportunities out there," said Jeremy G. Driver, President and Chief Executive Officer of Duma Energy Corp.
Any such Proposed Acquisition will be subject to the execution of definitive acquisition documentation together with the satisfaction of certain conditions precedent which would be standard in acquisitions of this type.
About Duma Energy Corp.
Duma Energy Corp. is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma Energy will continue increasing revenue, cash flow, and reserves to fund its aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders.
Strong news on DUMA front!
Duma Energy Enters Negotiations for African Concession
HOUSTON, July 11, 2012 (GLOBE NEWSWIRE) -- Duma Energy Corp. (DUMA) (the "Company") is pleased to announce that it has entered into the final stage of negotiations regarding the proposed acquisition by the Company of a private corporation with a significant interest in an African concession totaling approximately 6 million acres (25,000 square km) (the "Proposed Acquisition"). The Company is seeking to expand beyond its current U.S. operations and acquire highly prospective opportunities in emerging exploration regions.
"Our success in the last two years has put us in a strong position for growth. We believe it is the right time to be aggressive and continue to pursue our stated goal of seeking projects that offer huge potential returns. There are great opportunities out there," said Jeremy G. Driver, President and Chief Executive Officer of Duma Energy Corp.
Any such Proposed Acquisition will be subject to the execution of definitive acquisition documentation together with the satisfaction of certain conditions precedent which would be standard in acquisitions of this type.
About Duma Energy Corp.
Duma Energy Corp. is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma Energy will continue increasing revenue, cash flow, and reserves to fund its aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders.
Duma Energy Enters Negotiations for African Concession
Duma Energy Corp. (DUMA) (the "Company") is pleased to announce that it has entered into the final stage of negotiations regarding the proposed acquisition by the Company of a private corporation with a significant interest in an African concession totaling approximately 6 million acres (25,000 square km) (the "Proposed Acquisition"). The Company is seeking to expand beyond its current U.S. operations and acquire highly prospective opportunities in emerging exploration regions.
"Our success in the last two years has put us in a strong position for growth. We believe it is the right time to be aggressive and continue to pursue our stated goal of seeking projects that offer huge potential returns. There are great opportunities out there," said Jeremy G. Driver, President and Chief Executive Officer of Duma Energy Corp.
Any such Proposed Acquisition will be subject to the execution of definitive acquisition documentation together with the satisfaction of certain conditions precedent which would be standard in acquisitions of this type.
About Duma Energy Corp.
Duma Energy Corp. is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma Energy will continue increasing revenue, cash flow, and reserves to fund its aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders.
Duma Energy Enters Negotiations for African Concession
Duma Energy Corp. (DUMA) (the "Company") is pleased to announce that it has entered into the final stage of negotiations regarding the proposed acquisition by the Company of a private corporation with a significant interest in an African concession totaling approximately 6 million acres (25,000 square km) (the "Proposed Acquisition"). The Company is seeking to expand beyond its current U.S. operations and acquire highly prospective opportunities in emerging exploration regions.
"Our success in the last two years has put us in a strong position for growth. We believe it is the right time to be aggressive and continue to pursue our stated goal of seeking projects that offer huge potential returns. There are great opportunities out there," said Jeremy G. Driver, President and Chief Executive Officer of Duma Energy Corp.
Any such Proposed Acquisition will be subject to the execution of definitive acquisition documentation together with the satisfaction of certain conditions precedent which would be standard in acquisitions of this type.
About Duma Energy Corp.
Duma Energy Corp. is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma Energy will continue increasing revenue, cash flow, and reserves to fund its aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders.
Yea check it out. http://www.duma.com/
Duma- Under valued @ 1.60....$7 in oil reserves..only 30 of 130 wells pumping..revenue growing fast!
Duma- under valued $7 in oil reserves..only 30 of 130 wells pumping..revenue growing fast!
DUMA- I'm expecting a nice move ....under valued $7 in oil reserves..only 30 of 130 wells pumping..revenue growing fast!
DUMA-One to watch...under valued $7 in oil reserves..only 30 of 130 wells pumping..revenue growing fast!
Under valued $7 in oil reserves..only 30 of 130 wells pumping..revenue growing fast!
Keep your eye on DUMA
Increasing volume, 540% Growth Rate, Positive Earnings, and Debt Reduced to Zero.
Next weeks Play of the Week!
DUMA!! 540% Growth Rate, Positive Earnings, and Debt Reduced to Zero.
DUMA- All aboard!!
540% Growth Rate, Positive Earnings, and Debt Reduced to Zero. Stocks about to break out. Keep an eye on this one.
DUMA- One to Own
Volume increasing, stocking about to break out!
This is the ONE
DUMA - 540% Growth Rate, Positive Earnings, and Debt Reduced to Zero
Keep an eye on this ONE
DUMA - Up and Coming Oil Company
540% Growth Rate, Positive Earnings, and Debt Reduced to Zero
Up and Coming Oil Company
With 540% Growth Rate, Positive Earnings, and Debt Reduced to Zero!
This is defiantly one to keep your eye on!
Volume increasing past several days based on severak 13D's filed with SECOND by various invesment groups from South Dakota where ERFB$2.00 is expanding exponentially.
SGCA Making Big Changes!
Strategic American Oil Corporation Announces Name Change to Duma Energy Corp.
HOUSTON, April 4, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCAD.OB - News) (the "Company") announces that it has changed its name to Duma Energy Corp. effective today. The name change is part of a larger effort and expanded corporate focus.
"The new broader mission of Duma Energy will be to continue development of its existing oil and gas assets in order to fuel high growth projects and acquisitions. The new mission envisions that our increasing revenues, cash flow, and reserves will be the engine driving our growth," said Jeremy G. Driver, Chairman and CEO of Duma Energy. He further stated that, "at this time we are focusing our search on opportunities that provide the potential for substantial risk-adjusted return on investment, both domestically and internationally. These corporate actions, along with our current efforts to create a majority independent board of directors, are designed to position Duma Energy for a senior listing in the future."
Further, the Company has completed a reverse stock split of its authorized and issued and outstanding shares of common stock effective today, on a one new share for twenty-five old share basis (1:25), as set forth in a Certificate of Change filed with the Nevada Secretary of State.
As a result of the reverse split, the Company's authorized shares have now decreased from 500,000,000 shares to 20,000,000 shares of common stock and, correspondingly, the Company's issued and outstanding shares have decreased from 269,742,986 shares to 10,789,712 shares of common stock.
The Company's common shares will commence trading on the OTC Bulletin Board at the opening of trading on April 4, 2012 under the stock symbol "SGCAD", and the "D" in the Company's symbol (which signifies a stock split) will be removed 20 business days from April 4, 2012. The Company's new CUSIP number is 264567108. In the coming weeks, the Company expects to change its trading symbol to more accurately coincide with its new name and will announce when such a change has occurred or has been approved.
Additionally, the Company will be rolling out a new website, corporate presentation and fact sheet in the coming days.
Stay tuned for more info!
SGCA Changes Name
Strategic American Oil Corp. Announces Name Change to Duma Energy Corp.
HOUSTON, April 4, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCAD.OB - News) (the "Company") announces that it has changed its name to Duma Energy Corp. effective today. The name change is part of a larger effort and expanded corporate focus.
"The new broader mission of Duma Energy will be to continue development of its existing oil and gas assets in order to fuel high growth projects and acquisitions. The new mission envisions that our increasing revenues, cash flow, and reserves will be the engine driving our growth," said Jeremy G. Driver, Chairman and CEO of Duma Energy. He further stated that, "at this time we are focusing our search on opportunities that provide the potential for substantial risk-adjusted return on investment, both domestically and internationally. These corporate actions, along with our current efforts to create a majority independent board of directors, are designed to position Duma Energy for a senior listing in the future."
Further, the Company has completed a reverse stock split of its authorized and issued and outstanding shares of common stock effective today, on a one new share for twenty-five old share basis (1:25), as set forth in a Certificate of Change filed with the Nevada Secretary of State.
As a result of the reverse split, the Company's authorized shares have now decreased from 500,000,000 shares to 20,000,000 shares of common stock and, correspondingly, the Company's issued and outstanding shares have decreased from 269,742,986 shares to 10,789,712 shares of common stock.
The Company's common shares will commence trading on the OTC Bulletin Board at the opening of trading on April 4, 2012 under the stock symbol "SGCAD", and the "D" in the Company's symbol (which signifies a stock split) will be removed 20 business days from April 4, 2012. The Company's new CUSIP number is 264567108. In the coming weeks, the Company expects to change its trading symbol to more accurately coincide with its new name and will announce when such a change has occurred or has been approved.
Additionally, the Company will be rolling out a new website, corporate presentation and fact sheet in the coming days.
Strategic American Oil Corp. Quarterly results are in and looking GOOD!
Strategic American Oil Corp. Provides Second Quarter Results and Operational Update
HOUSTON, March 22, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA.OB - News) has announced its fiscal second quarter financial and operational results. Strategic American Oil Corporation is an aggressive growth energy company currently producing oil and natural gas both onshore and offshore in the domestic United States in Texas, Louisiana, and Illinois.
Second Quarter Highlights Include:
Revenue for the quarter was $1.84mm, an 18% increase from the first quarter.
Assets are now $24.35mm and debt has been reduced to zero.
Cash Flow from Operations was $816,805, as compared to ($83,710) in the previous quarter.
Net loss of $0.29mm, as compared to a $4.2mm loss for the previous quarter.
Recent Developments
Successfully drilled and now completing the ST9-12A #4 well in Trinity Bay, Texas.
Through its partner, Core Minerals, Strategic recently began water injection (flooding) operations in its Illinois project where initial oil production and sales have already begun.
Paid remaining balance on bank line-of-credit to reduce Company's debt to zero.
Looking Ahead
Continue capital infrastructure improvements and updates in Galveston Bay to increase production, decrease down-time, and improve safety and efficiency.
Evaluate results from initial pilot waterflood project in Illinois for full-scale development.
Complete and begin production of ST9-12A #4 in Trinity Bay, Texas.
Continue the drilling and recompletion program to increase daily production from existing wells.
Continue generation and drilling of exploration prospects.
Increase bank credit lines from $5 million to $15 million.
"Our goal of increasing cash flow has continually been achieved and sets the stage for our aggressive acquisition strategy. Now that we are debt free, in the midst of completing our new well in the bay, and looking to drill and recomplete further wells, we are excited about 2012 and what we can accomplish," said Jeremy G. Driver, President and Chief Executive Officer of Strategic American Oil Corporation.
SGCA Provides Second Quarter Results and Operational Update
Things at Strategic are on the up and up. Check it out.
Strategic American Oil Corp. Provides Second Quarter Results and Operational Update
HOUSTON, March 22, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA.OB - News) has announced its fiscal second quarter financial and operational results. Strategic American Oil Corporation is an aggressive growth energy company currently producing oil and natural gas both onshore and offshore in the domestic United States in Texas, Louisiana, and Illinois.
Second Quarter Highlights Include:
Revenue for the quarter was $1.84mm, an 18% increase from the first quarter.
Assets are now $24.35mm and debt has been reduced to zero.
Cash Flow from Operations was $816,805, as compared to ($83,710) in the previous quarter.
Net loss of $0.29mm, as compared to a $4.2mm loss for the previous quarter.
Recent Developments
Successfully drilled and now completing the ST9-12A #4 well in Trinity Bay, Texas.
Through its partner, Core Minerals, Strategic recently began water injection (flooding) operations in its Illinois project where initial oil production and sales have already begun.
Paid remaining balance on bank line-of-credit to reduce Company's debt to zero.
Looking Ahead
Continue capital infrastructure improvements and updates in Galveston Bay to increase production, decrease down-time, and improve safety and efficiency.
Evaluate results from initial pilot waterflood project in Illinois for full-scale development.
Complete and begin production of ST9-12A #4 in Trinity Bay, Texas.
Continue the drilling and recompletion program to increase daily production from existing wells.
Continue generation and drilling of exploration prospects.
Increase bank credit lines from $5 million to $15 million.
"Our goal of increasing cash flow has continually been achieved and sets the stage for our aggressive acquisition strategy. Now that we are debt free, in the midst of completing our new well in the bay, and looking to drill and recomplete further wells, we are excited about 2012 and what we can accomplish," said Jeremy G. Driver, President and Chief Executive Officer of Strategic American Oil Corporation.
SGCA- The Hunt is over
Strategic American Oil announced today that they successfully drilled it's first well at Fishers Reef Field in Trinity Bay, TX. More news to come keep tuned!
HOUSTON, March 8, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA.OB - News) announced today that it has successfully drilled the ST 9-12A #4, its first well in the Fishers Reef Field in Trinity Bay, TX to the target depth of 9,720 feet. Based upon analysis of open hole and field data, the Company has decided to complete the well and ready it for production.
The target geological interval is referred to as the Tex II Sand and is in the lower part of the overall Frio trend which has been one of the most prolific productive intervals along the Texas Gulf Coast. According to open-hole log evaluation and core analysis, the ST9-12A #4 encountered approximately 50 feet of gross pay resulting in 44 feet of net pay capable of producing hydrocarbons. The well encountered the productive horizon in a favorable structural position as originally predicted.
"The successful drilling of this well represents a major milestone in our operational plans for the fields in Trinity Bay and Galveston Bay. We are strongly encouraged by what we see and look forward to releasing the production results once obtained," noted Jeremy G. Driver, President and Chief Executive Officer of Strategic American Oil Corporation.
Strategic American Oil Corporation operates the Fishers Reef Field in Trinity Bay, Texas, including the ST 9-12A #4 well through its wholly-owned subsidiary Galveston Bay Energy LLC ("GBE"). GBE retained 25% of the working interest in the well after conveying 75% to financial and industry partners.
The Company will release production data and other updates regarding this new well in future press releases.
SGCA One to watch explode
With Strategic American Oil successfully drilling their well in Trinity Bay Tx there is no doubt good times ahead.
HOUSTON, March 8, 2012 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA.OB - News) announced today that it has successfully drilled the ST 9-12A #4, its first well in the Fishers Reef Field in Trinity Bay, TX to the target depth of 9,720 feet. Based upon analysis of open hole and field data, the Company has decided to complete the well and ready it for production.
The target geological interval is referred to as the Tex II Sand and is in the lower part of the overall Frio trend which has been one of the most prolific productive intervals along the Texas Gulf Coast. According to open-hole log evaluation and core analysis, the ST9-12A #4 encountered approximately 50 feet of gross pay resulting in 44 feet of net pay capable of producing hydrocarbons. The well encountered the productive horizon in a favorable structural position as originally predicted.
"The successful drilling of this well represents a major milestone in our operational plans for the fields in Trinity Bay and Galveston Bay. We are strongly encouraged by what we see and look forward to releasing the production results once obtained," noted Jeremy G. Driver, President and Chief Executive Officer of Strategic American Oil Corporation.
Strategic American Oil Corporation operates the Fishers Reef Field in Trinity Bay, Texas, including the ST 9-12A #4 well through its wholly-owned subsidiary Galveston Bay Energy LLC ("GBE"). GBE retained 25% of the working interest in the well after conveying 75% to financial and industry partners.