Duma Energy to acquire Hydrocarb Corporation

US-based Duma Energy has signed an agreement to acquire 100% of outstanding stocks in Houston-based Hydrocarb.

In August 2012, Duma acquired a 39% working interest in Hydrocarb’s 5.3 million acre Owambo Basin concession located in northern Namibia.

Hydrocarb is currently carrying out high-resolution aerial gravity magnetic surveys in the concession.

The company is also in final negotiations with several African nations for lucrative production-sharing contracts in the East African Rift play, where a multi-billion barrel oil discovery.

The UAE Supreme Petroleum Council has also issued an oil and gas field services license to Otaiba-Hydrocarb, a wholly-owned subsidiary of Hydrocarb Energy.

Otaiba-Hydrocarb offers a wide range of oil industry services to the lucrative Middle East sector. Abu Dhabi is investing approximately $40bn to maintain and increase its reserve base, which receives an approximately $100bn annual revenue from oil production.

Duma Energy CEO Jeremy G Driver said: "Hydrocarb’s wealth of experience in oilfield development and high-potential international exploration, combined with Duma’s proven domestic oil and gas assets creates a powerful alliance that will greatly increase shareholder value."

Duma Energy produces oil and gas from onshore and offshore fields located in the continental US.