Holloman Energy Corporation (HENC.OB) is a development-stage company in the business of oil and gas exploration and production. The company, formerly known as Endeavor Explorations, conducts operations in Australia and Canada. Holloman Energy Corp. owns oil and gas properties in the Gippsland Basin, Cooper Basin, and the Barrow Sub-Basin of Australia.
The Company’s Australian holdings have the potential resource value of 462 million barrels or $2.3 billion, based on $30 per barrel of oil and one drilling zone assessed per permit. The Company also has several low-risk development projects in Canada encompassing 1.2 million acres, which are expected to provide a source of near-term cash flows.
Holloman’s focus is to increase production from its Canadian holdings and to develop its Australian energy assets. The company also looks to acquire additional drilling proprieties. The use of the latest technologies in geological interpretation, drilling, geophysics, and production engineering such as 3-dimensional seismic, magnetic survey data and others are important to the company to explore for oil and gas. In addition, more established players such as Devon Energy and Penn West Energy Trust are partnering with the Company to develop prospective reserves in Canada along with their expertise and resources.
The world consumption of oil is more than 86 million barrels per day. This consumption is forecasted to rise to 88.2 million barrels in 2008. The worldwide economic growth and increasing world population are expanding the demand for energy resources, including oil and gas. Most of the world’s major existing oil fields are already maturing, and in order to meet rising demand, energy companies need to explore for reserves offshore. With Holloman’s property ownership in Australia’s under-developed drilling areas, the company is positioned to succeed in their developments and operations.
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