Duma Energy Corp. (OTCQB: DUMA) has completed the acquisition of Hydrocarb Corp., whereby 100% of all the outstanding stock of Hydrocarb has been acquired by Duma. The combined company has an interim name of Duma Hydrocarb Energy Corp. The current stock ticker will remain the same pending approval of a new ticker.
The merger of the two entities creates an exploration and production company with onshore and offshore oil and gas production in the US, as well as a 90% working interest in a 5.3 million-acre exploration concession in northern Namibia.
Duma Hydrocarb is in ongoing, active negotiations with several African countries in the prolific East African Rift play, and holds a comprehensive oilfield services license approved by the Supreme Petroleum Council of the UAE.