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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 Spuds Shabeel North Well in Puntland, Somalia

05/06/2012 1:00pm

Marketwired Canada


Horn Petroleum Corporation ("Horn Petroleum" or the "Corporation") (TSX
VENTURE:HRN) is pleased to announce the commencement of drilling operations on
the Shabeel North well in Puntland, Somalia, the second well in the current
drilling campaign. 


The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had
good oil and gas shows in the Shabeel well 3.5 kilometers to the south.
Petrophysical analysis of downhole electrical logs in the Shabeel well indicated
a potential pay zone in the Jesomma of up to 12 to 20 meters with an average
porosity of 18 to 20%. It is planned to bring the rig back to the Shabeel
location to test these sands to confirm their ability to flow oil once the
drilling of the Shabeel North well is completed. The planned TD of the Shabeel
North well is 2400 meters and drilling is expected to take 45 to 60 days to
complete. 


Horn Petroleum President and CEO David Grellman stated, "The Shabeel North well
will test the same reservoirs that appear to be oil bearing in the nearby
Shabeel well. We would expect similar or better reservoir thickness and quality
as we move deeper into the basin. The results of this well should help us
confirm the extent of the petroleum system in the basin and, if successful,
would be another step towards proving the economic potential of the basin."


The well is being operated by Horn Petroleum which 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%).
Africa Oil Corp. holds an equity interest in Horn Petroleum of approximately
51%. 


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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