Heritage award interest in six licenses in India

Heritage Oil Corporation is pleased to announce that its subsidiary Heramec has been awarded six new licenses by the Government of the Republic of India in the Cambay basin. Heramec holds a 30 % interest in the six licenses, which are located onshore in the State of Gujarat. Gujarat State Petroleum Corporation ("GSPC") and Hindustan Oil Exploration Company ("HOEC") are the other partners in these licenses.
Heramec has been appointed Operator of four of the licenses with HOEC being the Operator of the other two licenses. Four of the licenses are located north of Ahmedabad (the State capital of Gujarat), at Unawa, North Balol, Allora and Dholasan and two licenses to the south of Ahmedabad, at Kanawara and North Kathana.
All six licenses have a history of hydrocarbon production, with two of the licences currently producing modest amounts of oil and gas. The future revenue streams from these licenses will revert to the new licensees upon the Effective Date, being the completion of the Gujarat State licensing process, which is currently underway. A detailed technical evaluation will be undertaken by the joint venture prior to the commencement of significant operational investments.

Heritage is an international oil and gas corporation. Heritage's principal properties are situated in the Republic of Congo, Oman, Angola, Uganda and India. Heritage's registered office is located in Calgary, Canada.