ALBUQUERQUE, NM – April 1, 2014 -- Homeland Resources Ltd. (OTCQB: HMLA), an emerging oil and gas exploration and production company, today provided this update regarding exploration drilling at the Liberty Ridge Oil and Gas Project in Oklahoma.
Over the last several months, Homeland and its partners have participated in the drilling of two new exploration wells at the Liberty Ridge Oil and Gas Project. The two new Liberty Ridge wells, the 4th and 5th of the eight (8) well Phase-1 drilling program, were both intended to target multiple potential hydrocarbon pay zones thought to be productive in the area.
Following an extended period of drilling, evaluation, and completion, as of March 31, 2014 the Liberty Ridge #4 well was producing approximately 25 barrels of oil and 23 barrels of water per day from the Viola zone. Thru February 28, 2014, after approximately 9 weeks of production, the Liberty Ridge #4 well had generated revenue in excess of $647,000 net of taxes. The initial revenue generated has allowed the well to be 63% paid out. The Liberty Ridge project operator has indicated that the Liberty Ridge #4 location could potentially support 1-2 additional development wells. The Company anticipates that at least one of the additional development wells will be drilled in 2014.
Most recently, the Company received notice from the project operator that drilling of the Liberty Ridge #5 explorations well was also completed to a total depth of 7,759 feet. Subsequently, based upon the evaluation of all available geological data and electric logs, the project operator has recommended the Liberty Ridge #5 be plugged and abandoned.
The Liberty Ridge Oil and Gas Project is a multi-well multi-phase exploration drill program currently being conducted by Homeland and it partners. The current Phase-1 drilling program at Liberty Ridge consists of eight (8) wells selected from at least 34 distinct high-graded prospects generated by the partnership's proprietary 3D seismic database covering the entire 83,043 acres (130 square miles) project area. Drilling at the Liberty Ridge project is expected to continue throughout 2013-2014.
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.
For further information please contact:
Homeland Resources Investor Relations
Homeland Corporate: www.homelandresources.com
Toll-free: (877) 503-4299
SOURCE: Homeland Resources Ltd.