July 23, 2012--- Horn Petroleum Shabeel North Well Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2012) - Horn Petroleum Corporation ("Horn Petroleum" or the "Corporation") (TSX VENTURE:HRN) provides the following update on the Shabeel North well in Puntland, Somalia.
An open hole Drill Stem Test (DST) was conducted over a 50 metre gross interval which contained several sands in the upper portion of the primary Jesomma Formation which had oil shows. The test recovered fresh water (1200 ppm Cl-) without any traces of oil. The current plan is to drill ahead to the originally planned depth of approximately 2400 metres which will penetrate the remaining section of Jesomma sands at which point the entire section will be evaluated by electrical logging to determine if further testing is warranted.
The well is being operated by Horn Petroleum which holds a 60% working interest in the Dharoor and Nugaal Valley Production Sharing Agreements ("PSA's") along with working interest partners Range Resources (20%) and Red Emperor (20%). Africa Oil Corp. holds an equity interest in Horn Petroleum of approximately 45%.
Horn Petroleum Corporation is a Canadian oil and gas company with assets in Puntland, Somalia. The Corporation holds a 60% interest and operatorship in the Dharoor and Nugaal blocks encompassing a Jurassic Rift Basin on trend and analogous to the large oil fields in Yemen. The Corporation's shares are listed on the TSX Venture Exchange under the symbol "HRN".
ON BEHALF OF THE BOARD
David Grellman, President and CEO
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