Posted on Friday, August 23rd, 2013 at 8:53 pm.
The acquisition of Houston-based Hydrocarb Energy Corporation by Duma Energy Corporation progressed with the signing of a letter of intent between the two giant oil corporations.
On August 14, Hydrocarb announced that 100% of its outstanding stocks will be acquired by Duma as stated in its letter of intent. Prior to this agreement, Duma bought a 39% operating interest in Hydrocarb’s concession in Namibia on August 2012, a deal which involved over 5 million acres of oil-rich grounds located in the Owambo Basin.
Other Hydrocarb business ventures include partnership contracts with numerous African countries in the East African Rift where billions of barrel of oil have been discovered- negotiations from which are nearly completed.
Since Hydrocarb’s corporate vision shares Duma’s local oil and gas production interests, Hydrocarb President and COO Pasquale Scaturro said that this would help boost their global exploration program and that the merger of the two corporations will significantly benefit their investors and shareholders.
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