Hydrocarb Energy Corporation (OTCQB: HECC) is a publicly-traded Domestic and International energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa, production in Galveston Bay and Oil Field Services in the United Arab Emirates, Hydrocarb maintains offices in Houston, Texas, Abu Dhabi, UAE and Windhoek, Namibia. SNNLive spoke with Michael Watts from Hydrocarb Energy Corporation at the SeeThruEquity MicroCap Investor Conference 2014 in New York City, NY.
Mr. Watts begins with an overview and the business model of the company, “Hydrocarb is a small oil and gas company located out of Houston, Texas. We have domestic production in the Texas area in Galveston Bay, we actually own four fields in Galveston Bay and that domestic production is our engine and with that engine we produce cash to then do international exploration in Africa – it’s kind of a different model from a lot of oil and gas companies but our overall picture is to find a lot of gas, a lot of oil.”
He explains the reasoning behind this model, “We decided that the model makes more sense that here domestically in the United States, there’s a lot of opportunity with old oilfields which you can go back in and recomplete them, start up your cash flow engine and you don’t have the exploration risk that you will in other areas. However, we also think that the international exploration, specifically in Africa is a fantastic opportunity.”
Mr. Watts is optimistic despite the declining oil prices, “I take a kind of contrarian view, in my mind out of chaos arises opportunity, opportunity that we might not see if the oil was still at a hundred and five, hundred-ten dollars a barrel. A lot of deals that were marginal, maybe the tar sands, fracking, some of the horizontal shale plays, things of those nature don’t quite have the bloom on the rose that they once did. We don’t concentrate in that, we’re going after huge, huge reserves in a country where they just haven’t been looked at.” For more information, check out their website: www.HydroCarb.com
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