Today before the opening bell, Duma Energy announced the completion of the share exchange agreement, dated August 7, 2012, with Namibia Exploration, Inc. (“NEI”); the “Acquisition.” NEI is now a wholly owned subsidiary of Duma.
Through NEI, Duma has received a 39% working interest (43.33% cost responsibility) in an onshore African petroleum concession located in the Republic of Namibia which is approximately 5.3 million acres in size covered by Petroleum Exploration License No. 0038 issued by the Republic of Namibia Ministry of Mines and Energy. The company holds its indirect working interest in the concession in partnership with the National Petroleum Corporation of Namibia Ltd. (“NPC Namibia”) and Hydrocarb Namibia Energy Corporation, a majority owned subsidiary of Hydrocarb Corporation.
“The timely issuance of the concession license by the government of Namibia allows us now to begin focusing our efforts on the task of exploring our massive concession, which is roughly the size of the state of Massachusetts,” stated Jeremy G. Driver, Chairman and CEO of Duma Energy Corp. Driver added, “We are excited to move forward with the exploration phase in Namibia and are encouraged by the geological progress and findings so far.”
Pasquale Scaturro, Hydrocarb’s President and Chief Operating Officer, added, “There are few governments in Africa that can match the transparency and professionalism of Namibia. We are truly pleased to have such a large and premium concession located in an extremely prospective basin.”
Duma also told investors that it has entered into a Consulting Services Agreement with Hydrocarb whereby Hydrocarb will provide various consulting services with respect to Duma’s business ventures in Namibia. Those who wish to review further information regarding the acquisition, the consulting agreement, or the concession in Namibia should visit the company’s website at www.duma.com or view the company’s recent SEC filings.
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