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HRN

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Share Name Share Symbol Market Type
TSXV:HRN TSX Venture Common Stock
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Horn Petroleum Commences Drilling in Puntland, Somalia

16/01/2012 8:30pm

Marketwired Canada


Horn Petroleum Corporation (TSX VENTURE:HRN) ("Horn Petroleum" or the
"Corporation") is pleased to announce the spudding of the Shabeel-1 well on the
Dharoor Block in Puntland, Somalia and is currently preparing to drill ahead to
a total planned maximum depth of 3800 meters. Drilling operations have also
commenced on the Shabeel North-1 well with the setting of the 30 inch surface
casing and the drilling of a 50 meter pilot hole. Please see attached photos.


To see the photos associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/hrn116i.pdf. 


The Sakson 501 rig will be used to drill both wells which are expected to take
approximately 90 days each for drilling and evaluation. These two wells satisfy
the first exploration period minimum work obligations of the Production Sharing
Contracts for both the Dharoor and Nugaal Blocks. They are the first oil
exploration wells to be drilled in over 20 years in the country. 


The Shabeel and Shabeel North prospects are located on a Jurassic aged rift
system which is part of the same system that has proven to be highly productive
in the Masila and Shabwa Basins in Yemen that contain an estimated 6 billion
barrels of oil(i). Both prospects are very large fault block prospects with
internal most likely estimates of potential oil volumes of over 300 million
barrels of recoverable oil. Source rocks are expected to be rich Jurassic
Kimmeridgian shales in the deep portion of the rift immediately down dip from
the Shabeel prospects. Reservoirs are expected to be sandstones and carbonates
of the Lower Cretaceous and Jurassic systems analogous to Yemen. 


Horn President and CEO, David Grellman, commented, "The commencement of drilling
in the Dharoor Valley block is a major milestone in the evaluation of the oil
potential of Northern Somalia. We have had very strong support from the Puntland
regional government and the local communities who are all keen to see
development resume in the region after prolonged periods of internal strife.
These wells are the first to be drilled into the deep areas of the rift basins
and will be key to unlocking the hydrocarbon potential of this unexplored
prospective trend."


Horn Petroleum Corporation is a Canadian oil and gas company with assets in
Puntland, Somalia. The Corporation holds a 60% interest and operatorship in the
Dharoor and Nugaal blocks encompassing a Jurassic Rift Basin on trend and
analogous to the large oil fields in Yemen. The Corporation's shares are listed
on the TSX Venture Exchange under the symbol "HRN".


(i) Sourced from country and industry websites - not NI 51-101 compliant.

ON BEHALF OF THE BOARD

David Grellman, President and CEO

FORWARD LOOKING INFORMATION

Certain statements contained in this press release constitute forward-looking
information. These statements relate to future events or future performance. The
use of any of the words "will", "expected" and similar expressions and
statements relating to matters that are not historical facts are intended to
identify forward looking information and are based on the Company's current
belief or assumptions as to the outcome and timing of such future events. Actual
future results may differ materially. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or projections
set out in forward-looking information. Those assumptions and factors are based
on information currently available to the Company. The forward-looking
information contained in this release is made as of the date hereof and the
Company is not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as
required by applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly qualify any
forward-looking information contained herein.


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