Hydrocarb Corporation to be acquired by Duma Energy
HOUSTON -- Duma Energy Corp. has signed a Letter of Intent to acquire 100% of the outstanding stock of Houston-based Hydrocarb Corporation.
In August 2012, Duma purchased a 39% working interest in Hydrocarb's highly prospective 5.3 million-acre Owambo Basin concession in northern Namibia. After merger the combined company will control 100% of the working interest thru discovery. As part of its work program, Hydrocarb is currently acquiring a high-resolution aerial gravity magnetics survey over the entire concession.
In addition to its large Namibia concession, Hydrocarb is currently in final negotiations for lucrative production-sharing contracts with several African nations in the prolific East African Rift play, which has seen multi-billion barrel discoveries in recent years.
The Hydrocarb management team has extensive international exploration and production experience.
Otaiba-Hydrocarb, a wholly-owned subsidiary of Hydrocarb Energy with headquarters in Abu Dhabi, U.A.E., holds a comprehensive oil and gas field services license issued by the Supreme Petroleum Council of U.A.E. and offers a full range of oil industry services to the Middle East sector.