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HRN

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0.00 (0.00%)
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 Operations Update

23/02/2012 12:30pm

Marketwired Canada


Horn Petroleum Corporation (TSX VENTURE:HRN) ("Horn Petroleum" or the
"Corporation") is pleased to provide the following update on its exploration
activities in Puntland, Somalia.


Horn Petroleum is currently drilling its first exploration well in the Dharoor
Valley Block. The Shabeel-1 well was spud in January, 2012 and is currently at a
depth of approximately 1,230 meters. Casing has been set in the well to a depth
of 1,139 meters and drilling of the 12 1/4 inch section continues as planned.
Drilling of the Shabeel-1 well is expected to be complete during the first
quarter of 2012 and testing equipment is currently being mobilized to the site.
Assuming successful drilling results, it is anticipated that testing results
will be available early in the second quarter of 2012. Upon completion of
drilling the Shabeel-1 well, the rig will move to the Shabeel North-1 well,
where 30 inch conductor pipe is in place and a 50 meter pilot hole has already
been drilled. 


These two wells represent the first oil exploration wells to be drilled in the
country in over 20 years and will satisfy the first exploration period drilling
commitments as required under the Production Sharing Contracts for both the
Dharoor and Nugaal Blocks. In order to provide for sufficient time to evaluate
drilling results, the Puntland Government has granted an extension of the first
exploration period expiry date to October 17, 2012. 


The Puntland Government and Dharoor Valley communities are fully supportive of
the drilling project and have ensured the Corporation that they will do all
necessary to allow the project to move forward safely and expeditiously. 


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".


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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