Deals - Acquisition, Mergers, Divestitures
Holloman Energy Completes Cooper Basin Farm-Out
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Holloman Energy Corporation (HENC.OB) announces completion of a definitive farm-out agreement with Terra Nova Minerals Inc. on the exploration of its Australian Cooper Basin holdings (the "Farm-Out"). The Farm-Out, which was made effective May 11, 2012, set out terms by which Terra Nova may earn a 55% working interest in Holloman's PEL 112 and PEL 444 concessions by funding seismic acquisition and a six (6) well drilling program on the properties.
"The execution of the Terra Nova Farm-Out significantly enhances our exploration capacity," stated Mark Stevenson, Holloman CEO. "We have been informed that the first AUD$4,700,000 payable under the Farm-Out has already been transferred to escrow. We have also been advised that Terra Nova intends to undertake seismic acquisition on PEL 112 and…
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