HOUSTON--(BUSINESS WIRE)--Duma Energy Corp. (OTCQB: DUMA) announced today it has signed a Definitive Stock Exchange Agreement with Hydrocarb Corporation whereby 100% of all the outstanding stock of Hydrocarb will be acquired by Duma. Duma’s board of directors approved the acquisition and the agreement was signed on November 27, 2013 after receiving an independent oil resource estimate for its oil and gas concession in the Owambo Basin adjacent to Angola in northern Namibia.
The merger of the two companies will give the combined entity onshore and offshore oil and gas production in the United States as well as a 5.3 million acre exploration concession in northern Namibia, ongoing active negotiations with several African countries in the prolific East African Rift play, and a comprehensive oil field services license approved by the Supreme Petroleum Council of the UAE.
Pasquale Scaturro, Duma’s CEO stated, “This acquisition, which is a major milestone for Duma, makes us an exploration and production company with tremendous upside potential. We’re very enthusiastic about our Namibia concession. The Netherland, Sewell & Associates report released yesterday, estimating 1.1 billion barrels of unrisked in-place potential reserves, means that our combined company is currently trading at a tremendous value per barrel of oil.”
The combined company will be renamed Hydrocarb Energy Corporation, with an interim name of Duma Hydrocarb, and a new stock ticker pending approval from the SEC. Form 8-K, including the definitive agreement, was filed with the SEC on Tuesday, December 3, 2013.
About Duma Hydrocarb Energy
Duma Hydrocarb Energy Corporation is a publicly-traded Domestic and International energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa, production in Galveston Bay, and Oil Field Services in the United Arab Emirates, we maintain offices in Houston, Texas, Abu Dhabi, UAE and Windhoek, Namibia.
For further information: www.duma.com and www.hydrocarb.com.
Forward-looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which contain words such as "expect," "believe" or "plan," by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause actual future events to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
Cautionary Note to Investors Concerning Potential Resources
Potential Oil Resources referred to in NSAI's report are quantities of petroleum that are estimated to be potentially recoverable from undiscovered accumulations through future oil and gas development projects. These Potential Oil Resources indicate exploration opportunities and development potential in the event that a discovery is made and should not be construed as reserves or contingent resources. There is no certainty that any portion of the potential resources will be discovered. If discovered, there is no certainty that they will be commercially viable.
