ALBUQUERQUE, NM--(Mar 5, 2013) - Homeland Resources Ltd. (OTCQB: HMLA) ("Homeland" or the "Company"), an emerging oil and gas exploration and production company, announced that it has confirmed and secured an interest in 34 initial prospects at its Liberty Ridge Drilling Project located in south-central Oklahoma.
"A large-scale project like this holds great potential for Homeland insofar as it involves all phases of oil and gas exploration, including 3D seismic data evaluation, prospect generation, leasing, permitting, and ultimately drilling," stated Armando Garcia, President of Homeland Resources. "Once the drilling gets started at Liberty Ridge it will be significant development for the Company. Moreover, based on production results from the surrounding oil fields, we are optimistic that analogous discovers will be made in the Liberty Ridge Project area."
The overall scale of the Liberty Ridge Project is large (approximately 83,043 acres or 130 square miles) and there is long a history of significant oil and gas production across the region. The strategic purpose of the 3D seismic program was to locate numerous new oil fields across the entire land position and fully exploit the proprietary data to develop new discoveries.
The geological and geophysical evaluation of the 3D seismic data has allowed Homeland and its partners to identify and subsequently secure 34 initial prospects at the Liberty Ridge Project. At present, each prospect represents a future potential drill site. After a period of evaluation, each successful and economically viable well could potentially warrant one or more additional development wells to fully exploit the prospect.
The Company entered into Liberty Ridge Project based on numerous factors. These include, but are not limited to: (1) the positive results of previous 2-D seismic work, (2) the overwhelming success of analogous and neighboring fields in the immediate area which have produced over 13,000,000 barrels of oil within approximately 785 acres, and (3) a total of fourteen historically identified pay zones offer potential for commercially productive reservoirs within the project area.
"It should be noted that the lease acquisition process at Liberty Ridge continues, and it is expected that additional prospects could be added to the portfolio as new land lease agreements are secured," continued Garcia. "In light of this, Homeland and its partners could potentially be drilling new oil and gas wells at Liberty Ridge through 2013 and 2014."
For more information about Homeland Resources including its 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 North American oil reserves. Homeland's current focus is on the continued exploration and development of its property portfolio comprised of working interests in the Smoky Hill Project (5% interest) and the Liberty Ridge Project (5% interest) located in Oklahoma. Homeland Resources is also seeking to expand its 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.
For further information please contact:
Homeland Resources Investor Relations
Homeland Corporate: www.homelandresources.com
Toll-free: (877) 503-4299
SOURCE: Homeland Resources Ltd.