Duma Energy Corp. has entered into an agreement, dated August 7, 2012 (the "Agreement"), to acquire Namibia Exploration, Inc. (NEI), a company organized under the laws of the State of Nevada, USA. As a result of the completion of the acquisition, NEI would become a wholly-owned subsidiary of Duma. NEI holds the rights to a 39% working interest in an onshore Namibian petroleum concession measuring approximately 5.3 million acres.
"The Owambo Basin in Namibia, where our concession is located, is in the northern part of the country near the border of Angola. The exploration potential of this large concession is high and the preliminary data is encouraging," stated Jeremy G. Driver, Chairman and CEO of Duma. He went on to say, "This acquisition fits our stated strategy of producing domestic cash flow in order to fund high impact international opportunities."