Horn Petroleum Spuds Shabeel North Well in Puntland, Somalia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/05/12 -- Horn Petroleum Corporation ("Horn Petroleum" or the "Corporation") (TSX VENTURE: HRN) is pleased to announce the commencement of drilling operations on the Shabeel North well in Puntland, Somalia, the second well in the current drilling campaign.
The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had good oil and gas shows in the Shabeel well 3.5 kilometers to the south. Petrophysical analysis of downhole electrical logs in the Shabeel well indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an average porosity of 18 to 20%. It is planned to bring the rig back to the Shabeel location to test these sands to confirm their ability to flow oil once the drilling of the Shabeel North well is completed. The planned TD of the Shabeel North well is 2400 meters and drilling is expected to take 45 to 60 days to complete.
Horn Petroleum President and CEO David Grellman stated, "The Shabeel North well will test the same reservoirs that appear to be oil bearing in the nearby Shabeel well. We would expect similar or better reservoir thickness and quality as we move deeper into the basin. The results of this well should help us confirm the extent of the petroleum system in the basin and, if successful, would be another step towards proving the economic potential of the basin."
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 51%.
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
FORWARD LOOKING INFORMATION
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will", "expected" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Horn Petroleum Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
www.hornpetroleum.com
