Homeland Resources Ltd. (OTCQB: HMLA), an emerging oil and gas exploration and production company, is pleased to announce that they, in conjunction with their partners, will spud the first well today at the highly anticipated Liberty Ridge Project located in Oklahoma.
The projected depth of the initial Liberty Ridge well is targeted for 5,650 ft. The well is expected to take several weeks to reach total depth. The well site was selected based on positive indications and analytics from a proprietary 3-D seismic survey conducted by the operating partner. Notwithstanding adverse weather or other variables the drilling of this well will begin today.
"This is a great day for Homeland Resources and its many patient shareholders as we begin the next step to unlocking the great potential of the Liberty Ridge Project," said Armando Garcia, President of Homeland Resources. "Based on our assessment of the project, we are optimistic that we should receive positive results from this first well, and will continue to have high expectations for the entire Liberty Ridge Project, insofar as we think that it could have significant economic impact on our Company in 2013."
The exploration and development objectives at Liberty Ridge consist of drilling potential new multi-zone wells targeting 2nd Wilcox sand, 1st Wilcox sand, Trenton dolomite, Simpson dolomite, Viola limestone, Hunton limestone, Bartlesville sand and Redfork sand oilfields.
The drilling dates for the remaining four prospects in Phase-1 will be announced when confirmed by Homeland's operating partner. Drilling for Phase-1 is expected to potentially take several months, after which point Homeland and their partners will outline details for Phase-2. Drilling at Liberty Ridge for Homeland and their partners is expected to take place from 2013 through 2014.
For more information about Homeland Resources including their oil and gas projects, visit www.homelandresources.com. Stay current on all available information regarding Homeland and the energy sector by connecting with them on their social platforms:
About Homeland Resources
Homeland Resources Ltd. (OTCQB: HMLA) is a performance-driven exploration and production company focused on developing relatively low-risk North American natural gas reserves. Homeland's current focus is on the continued exploration and development of their property portfolio comprised of working interests in the Smoky Hill Project (5% interest) and the Liberty Ridge Project (5% interest) in Oklahoma. Homeland Resources is also seeking to expand their portfolio to include additional interests in North America.
For more information on HMLA, please visit www.homelandresources.com.
Notice Regarding Forward-Looking Statements: Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
SOURCE: Homeland Resources Ltd.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here