Recent developments suggest that the stock has potential to move significantly higher:
These positive developments include dramatically improved financials – the result of a recent share exchange with Holloman Oil and Gas in Australia – that increased total assets to $23,796,890; shareholders equity increased to $14,992,952 or $0.24 per share (See SEC filings, Form 10K)
the recent hire of talented and experienced industry personnel; and
the proposed exploration plans for three prolific oil and gas areas within the Company’s substantial portfolio of Australia properties, should have a strong and positive impact on Holloman Energy’s stock going forward. UPDATE: Holloman Energy Corporation (OTC BB: HENC) Holloman Energy announces that John Crosby, Former General Counsel Of Shell Australia, Joins the Company
Holloman Energy Also Adds Renowned Australian Geophysical Consultant to Its Team and New Enhanced Website Details Property Information
Holloman Energy Corporation (OTC BB:HENC.OB - News) announced that John Crosby has agreed to join the Holloman Energy team. John Crosby is a Barrister and Solicitor and also holds a Graduate Diploma in Corporate Finance. John has worked as a lawyer for Shell for 23 years including as General Counsel of Shell Australia, General Counsel and Company Secretary, Head of Land and Legal Department of Brunei Shell Petroleum and General Counsel and Company Secretary of Shell Coal World Head Office.
On June 17, 2008, management also provided an interim update, as HENC’s management team prepare for a busy and productive last half of this year and beyond. Due to significant and recent activity and interest by major international oil companies in Australia to include each of the three geological basins – where HENC has properties totaling in excess of 1.75 million acres – the Company has elected to retain Perth Australia-based Tony Saitta and Saitta Petroleum Consultants Pty Ltd. (Saitta) as a ``boots on the ground'' consultants to HENC in the Cooper Basin to assist and interpret all available information. Saitta's input, along with HENC's staff, will serve as to how best exploit the burgeoning interest in HENC's extensive property interest.
Holloman Energy has enhanced its website to include more detailed information on HENC's properties. The Company’s website can be located at http://www.hollomanenergy.com.
HENC's largest holding of 1.1 million acres, is in the on shore Cooper Basin of South Central Australia. Its immediate area of interest is in the PEL-112 where nearby wells have recently been discovered in excess of 5,000 barrels a day and daily production exceeds 27,000 barrels a day. This adjacent area has had a two out of three success ratio. HENC's staff has so far identified 19 locations on this lease and expects to drill and hopefully complete a minimum of two wells in the main fairway over the next several months with HENC retaining the controlling interest.
HENC's remaining acreage is in the two off shore basins of Barrow and Gippsland. HENC's Barrow property covers approximately 300,000 acres in waters deepening to around 700 feet located in the oil prone areas of Australia's North West Shelf. HENC is currently in discussions to join a consortium of major off shore producers preparing to shoot new off shore 3D seismic which will then include both Barrow and Gippsland. As mentioned in the Company's last press release, the company is now in discussions with several companies to participate in both Barrow and Gippsland in line with our strategy to joint venture with significant third party participants.
Recent developments
April 15, 2008, Holloman announced the filing of its first consolidated 10K annual report which includes the assets acquired in a share exchange with Holloman Oil and Gas in Australia. As a result of this share exchange acquisition, Holloman Corp parent of Holloman Oil and Gas, and certain of its principals would now be deemed controlling shareholders of Holloman Energy Corporation (HENC).
Holloman now holds an impressive 2.5 million acres of land both on and offshore Australia, which is a politically stable environment that is pro hydrocarbon development. Many of the world's largest oil and gas companies are producing, developing and exploring adjacent to Holloman‘s oil and gas concessions.
Holloman’s operations are focused on three prolific oil and gas areas in Australia, where numerous major discoveries have been made, and where properties have been under development since the late 1960's. To date, these properties have yielded millions of barrels of production. Specifically, Holloman is diversifying risk across three plays: Gippsland Basin, Cooper Basin, and Barrow Sub Basin. Within the oil and gas industry, Australia is widely considered to be under-explored and under-developed. A total of known oil reserves of 4 billion bbls exist though only 5% of known reserves have been exploited thereby giving Holloman the enviable combination of low-risk and strong discovery potential.
Drilling Activity
On March 5, 2008 Holloman Energy Corporation announced that drilling on its first well commenced March 2, 2008 in the South Australian, Cooper/Eromanga Basin. Holloman's ``Pecos-1'' well is located on Petroleum Exploration Lease 112 (``PEL 112''), on the C-26 structure covering approximately 3,459 acres with approximately 338 foot of closure. The plan is to drill the Pecos-1 to approximately 6,000 feet and is expected to take approximately 12-14 days to reach total depth. The primary payzone of the Pecos-1 well is the Hutton Sandstone, but the Company believes five (5) additional payzones may occur in the Cadna Owie, Namur, Birkhead, Murta and Poolawana sandstones.
The Company began drilling the Pecos-1 under the terms of a recently announced farm in agreement with Holloman Oil & Gas Limited (``HOG''). Under that agreement, the Company will receive a 2% overriding royalty on gross revenues generated by HOG's interest in that well. In addition, the Company enjoys the right to participate in all future drilling on PEL 112 up to a maximum of 50% of HOG's working interest.
``In light of the significant oil discoveries that adjoin PEL 112 to the North and to the East,'' stated Holloman Chairman Mark Stevenson, ``we are thinking positively about the prospects for Pecos-1.''
Divestiture of Assets
On February 19, 2008 Holloman Energy Corporation announced the strategic divestiture of its wholly-owned subsidiary, Endeavor Canada Corporation. The divestiture will enable Holloman to focus its attention strictly on its Australian oil investments, the Company’s highest value holdings, and effectively streamline costs, promote efficiency and maximizing returns from drilling efforts.
For more information on Holloman Energy, Corp., please see the StocksJournal report at:
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