HOUSTON, Oct. 8, 2013 (GLOBE NEWSWIRE) -- Duma Energy Corp. (OTCBB:DUMA), along with its partner Hydrocarb Energy, is pleased to announce that it has completed the field acquisition phase of a 13,468 km high-resolution aerial gravity and magnetics program over its oil and gas exploration concession in Northern Namibia.
The high-resolution survey is the first major geophysical exploration program to be carried out over Duma's 21,200 sq. km (5.3 million acre) concession, blocks 1714A, 1715, 1814A, and 1815A, located in Namibia's Owambo Basin, adjacent to the Angola border. The survey was flown by Bridgeporth Ltd. of the UK in order to obtain a first look into the subsurface of this virtually unexplored and very high-potential onshore African basin. 85% of the Owambo concession is without any modern geophysical data.
The survey, currently in processing, will be instrumental in determining the structural fabric of the concession and assist in laying out a regional 2D seismic data program that will be acquired in 2014. In addition to recently completed geologic field studies, the completion of the gravity/magnetics survey marks a major milestone in Duma's exploration program in Namibia.
Jeremy G. Driver, Duma's President and CEO stated, "Given the successes we have had so far in our fieldwork and internal analysis, we are looking forward to the interpretation of our recent gravity-magnetic data and the subsequent 2D seismic program in 2014. We believe this concession has all the indicators to potentially contain billions of barrels of oil and the Owambo basin represents a true candidate for a major oil producing region."
About Duma Energy
Duma Energy Corp. (OTCBB:DUMA) is an aggressive growth company actively producing oil and gas in the continental United States, both on and offshore. Duma will continue increasing revenue, cash flow, and reserves while pursuing aggressive growth through acquisition and participation in projects with the potential of providing exponential returns for shareholders. For further information: www.duma.com.
Hydrocarb Corporation is a privately held energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. Headquartered in Houston, Texas with offices in Abu Dhabi, UAE and Windhoek, Namibia. For further information: www.hydrocarb.com.
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.
CONTACT: Duma Investor Relations Investor Awareness, Inc. Tony Schor, 847-945-2222 www.InvestorAwareness.com
Source:Duma Energy Corp.