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HRN

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Share Name Share Symbol Market Type
TSXV:HRN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Horn Petroleum Corporation: Drilling Operations Update on Shabeel Well in Puntland, Somalia

11/04/2012 10:00pm

Marketwired Canada


Horn Petroleum Corporation ("Horn Petroleum" or the "Company") (TSX VENTURE:HRN)
is pleased to update the market on the drilling operations on the Shabeel well
in Puntland, Somalia. Horn is the Operator and holds a 60% working interest in
the Dharoor and Nugaal Valley Production Sharing Agreements ("PSA's") along with
working interest partners Range Resources (20%) and Red Emperor (20%).


The Shabeel well is currently at a depth of 2703 meters and had just completed
the setting of the 9 5/8" casing. The well drilled through primarily tight
limestones and shales of Lower Tertiary to Upper Cretaceous age and encountered
a 355 meter section of Upper Cretaceous sands and shales of the Tisje / Jesomma
Formations at a depth of approximately 1660 meters. The sands in this interval
exhibited both oil and gas shows and petrophysical analysis of downhole
electrical logs indicates a potential pay zone of between 12 and 20 meters in
the section. Attempts to sample formation fluids using a wireline formation
tester were not successful and thus the zone will require cased hole testing to
confirm whether they are oil bearing. At a depth of 2015 meters a thick section
of tight limestones and shales was encountered extending to the present depth of
2703 meters which is believed to correspond to the Upper Cretaceous Gumburo
Formation.


The forward plan on the well will be to drill ahead to the originally planned
depth of 3800 meters to evaluate the primary and secondary reservoir targets in
the Lower Cretaceous and Jurassic intervals equivalent to the main productive
section seen in the analogous fields in Yemen. A testing program including the
zones of interest seen to date and any deeper potential pay zones identified
will be agreed with partners at that time. Upon completion of this well, the
Company plans to move the rig to the Shabeel North location on which
construction is nearing completion.


Horn President and CEO David Grellman stated, "We are encouraged by the results
to date and pleased that we have confirmed the presence of an active petroleum
system in the Dharoor Valley. We look forward to drilling ahead into the primary
objectives of the well and hope to confirm the shallow prospective zones by
testing in the near future."


Horn Petroleum Corporation is a Canadian oil and gas company with assets in
Puntland, Somalia. The Company 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 Company's shares are listed on
the TSX Venture Exchange under the symbol "HRN".


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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