HOUSTON, June 4, 2009 (GLOBE NEWSWIRE) -- Holloman Energy Corporation (OTCBB:HENC) ("the Company"), announces its conversion of over $900,000 of indebtedness into restricted shares of its common stock. Under the terms of a private offering approved by its Board of Directors on May 29, 2009, the Company authorized the issuance of 9,385,935 shares of restricted common stock at a price of $0.10 per share. The $938,594 of converted indebtedness was payable to its controlling shareholder, Holloman Corporation, and to an entity affiliated with the Company's President and a certain unrelated individual. The announced conversion extinguishes substantially all of the Company's non-trade indebtedness. No fees or commissions were paid in connection with this offering.
About Holloman Energy
Holloman Energy Corporation. is an emerging international exploration, and development independent. The Company currently holds interests, varying between 66.66% and 100%, in seven oil and gas permits awarded by the Australian government. These permits encompass in excess of 1.7 million acres in the Cooper, Gippsland and Barrow basins.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS Holloman Energy Corporation http://www.hollomanenergy.com