Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Terra Nova Terminates Farm-In Deal with Holloway
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Holloman Energy Corporation received notice that Terra Nova had terminated its Farm-In Agreement on Petroleum Exploration Licenses (PELs) 112 and 444.
Mark Stevenson, CEO, commented, "We consider the Terra Nova relationship an overall success for HENC. Although we are disappointed to see the Terra Nova partnership come to an end, we are pleased with the benefits the Farm-In has provided. During the Farm-In period we have obtained valuable scientific information on both PEL 112 and PEL 444 which we believe will prepare HENC for near-term successful exploration."
As a result of the Farm-In termination, Holloman Energy will no longer be obligated to transfer any additional working interest in PEL 112 or PEL 444 to Terra Nova. HENC is in the process of revisiting drilling plans and has already begun contacting potential drillers.
The Company will provide additional information as plan revisions become finalized.
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