{"id":149,"date":"2013-12-06T10:31:51","date_gmt":"2013-12-06T10:31:51","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=149"},"modified":"2015-11-02T14:40:29","modified_gmt":"2015-11-02T14:40:29","slug":"duma-acquires-hydrocarb-energy-corporation","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/duma-acquires-hydrocarb-energy-corporation\/","title":{"rendered":"Duma merges with Hydrocarb Energy Corporation"},"content":{"rendered":"

Duma Energy Corp.<\/a>\u00a0has\u00a0announced it has signed a Definitive Stock Exchange Agreement with Hydrocarb Corporation whereby 100% of all the outstanding stock of Hydrocarb will be acquired by Duma.<\/p>\n

Duma\u2019s board of directors approved the acquisition and the agreement was signed on November 27, 2013 after receiving an independent oil resource estimate for its oil and gas concession in the\u00a0Owambo Basin<\/a>\u00a0adjacent to Angola in northern Namibia.<\/p>\n

The merger of the two companies will give the combined entity onshore and offshore oil and gas production in the United States as well as a 5.3 million acre exploration concession in northern Namibia, ongoing active negotiations with several African countries in the prolific East African Rift play, and a comprehensive oil field services license approved by the Supreme Petroleum Council of the UAE.<\/p>\n

Pasquale Scaturro, Duma\u2019s CEO stated, \u201cThis acquisition, which is a major milestone for Duma, makes us an exploration and production company with tremendous upside potential. We\u2019re very enthusiastic about our Namibia concession. \u00a0The Netherland, Sewell & Associates report released yesterday, estimating 1.1 billion barrels of unrisked in-place potential reserves, means that our combined company is currently trading at a tremendous value per barrel of oil.\u201d<\/p>\n

The combined company will be renamed Hydrocarb Energy Corporation, with an interim name of Duma Hydrocarb, and a new stock ticker pending approval from the SEC. Form 8-K, including the definitive agreement, was filed with the SEC on Tuesday, December 3, 2013.<\/p>\n

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Duma Energy Corp.\u00a0has\u00a0announced it has signed a Definitive Stock Exchange Agreement with Hydrocarb Corporation whereby 100% of all the outstanding stock of Hydrocarb will be acquired by Duma. Duma\u2019s board … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[2],"tags":[160,477,658,659,1675,1721,2442,2635],"class_list":["post-149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elsewhere-in-africa","tag-angola","tag-cnooc-limited","tag-duma","tag-duma-energy","tag-namibia","tag-netherland","tag-supreme-petroleum-council","tag-united-states","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/hydrocarb.png?fit=331%2C115&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2p","jetpack-related-posts":[{"id":14698,"url":"https:\/\/www.oilnewskenya.com\/index.php\/petrobras-namibia-energy-corporation-nec-the-brazilian-institute-of-petroleum-ibp-and-african-energy-chamber-strengthen-africa-brazil-oil-and-gas-investments\/","url_meta":{"origin":149,"position":0},"title":"Petrobras, Namibia Energy Corporation (NEC), the Brazilian Institute of Petroleum (IBP) and African Energy Chamber Strengthen Africa-Brazil Oil and Gas Investments","author":"","date":"February 5, 2025","format":false,"excerpt":"The African Energy Chamber (AEC) hosted an Invest in African Energies Investment Forum in Rio de Janeiro, Brazil, on 30 January 2025. Attended by key Brazilian energy stakeholders, including representatives from Petrobras, the Brazilian Petroleum Association and the Brazilian Association of Petroleum Geologists, alongside African stakeholders such as RichAfrica Consultancy,\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/02\/African-Energies-Investment-Forum-in-Brazil-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/02\/African-Energies-Investment-Forum-in-Brazil-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/02\/African-Energies-Investment-Forum-in-Brazil-scaled.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/02\/African-Energies-Investment-Forum-in-Brazil-scaled.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/02\/African-Energies-Investment-Forum-in-Brazil-scaled.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11960,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-qatarenergy-agree-to-support-develop-a-sustainable-upstream-oil-and-gas-sector\/","url_meta":{"origin":149,"position":1},"title":"Namibia, QatarEnergy Agree to Support & Develop a Sustainable Upstream Oil and Gas Sector","author":"","date":"March 4, 2022","format":false,"excerpt":"NAMCOR Exploration and Production (NAMCOR E&P), a subsidiary of the National Petroleum Corporation of Namibia (NAMCOR) has signed a Cooperation Agreement with QatarEnergy. The agreement provides the framework for cooperation between QatarEnergy and NAMCOR E&P to support and develop a sustainable upstream oil and gas sector in Namibia, including the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/QatarEnergy-Signs-Agreement-With-NAMCOR.jpg?fit=800%2C525&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/QatarEnergy-Signs-Agreement-With-NAMCOR.jpg?fit=800%2C525&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/QatarEnergy-Signs-Agreement-With-NAMCOR.jpg?fit=800%2C525&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/QatarEnergy-Signs-Agreement-With-NAMCOR.jpg?fit=800%2C525&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":15435,"url":"https:\/\/www.oilnewskenya.com\/index.php\/reconafrica-provides-year-end-operational-update-progressing-projects-in-namibia-angola-gabon\/","url_meta":{"origin":149,"position":2},"title":"ReconAfrica Provides Year-End Operational Update Progressing Projects in Namibia, Angola & Gabon","author":"","date":"December 16, 2025","format":false,"excerpt":"Brian Reinsborough, President & CEO, commented:\u00a0\u201cWe have had an active and productive 2025 in which we advanced the Company on multiple strategic fronts. We completed drilling our second well in the Damara Fold Belt resulting in encountering of significant hydrocarbons, extended our acreage position into Angola at a low cost\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/ReconAfrica.jpg?fit=1200%2C723&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/ReconAfrica.jpg?fit=1200%2C723&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/ReconAfrica.jpg?fit=1200%2C723&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/ReconAfrica.jpg?fit=1200%2C723&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/12\/ReconAfrica.jpg?fit=1200%2C723&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9461,"url":"https:\/\/www.oilnewskenya.com\/index.php\/oil-and-gas-discoveries-and-activity-in-southwest-africa-set-to-open-new-basins-for-development-and-trigger-big-investments-in-namibia-angola-and-south-africa\/","url_meta":{"origin":149,"position":3},"title":"Oil and Gas Discoveries and Activity in Southwest Africa Set to Open New Basins for Development and Trigger Big Investments in Namibia, Angola and South Africa","author":"","date":"November 23, 2020","format":false,"excerpt":"By NJ Ayuk, Executive Chairman, African Energy Chamber Last spring, the Maersk\u00a0Voyager,\u00a0an ultra-deepwater drillship under contract by French supermajor Total, drilled a wildcat well in the deepest water ever - 3,628 meters (11,903 feet) in Block 48, a massive area with potentially huge oil reserves in the Congo basin offshore\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Maersk-Developer.jpg?fit=750%2C499&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Maersk-Developer.jpg?fit=750%2C499&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Maersk-Developer.jpg?fit=750%2C499&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Maersk-Developer.jpg?fit=750%2C499&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9685,"url":"https:\/\/www.oilnewskenya.com\/index.php\/bw-energy-limited-namcor-sign-a-farm-in-for-kudu-license\/","url_meta":{"origin":149,"position":4},"title":"NAMIBIA: BW Energy Limited, NAMCOR Sign a Farm-In for Kudu license","author":"","date":"January 14, 2021","format":false,"excerpt":"BW Kudu Limited, a wholly owned subsidiary of BW Energy Limited and the National Petroleum Corporation of Namibia (NAMCOR) have signed a Farm-In and Carry Agreement. 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