Holloman Begins Shallow Test Well Drilling on Australian PEL 112

Holloman Energy Corporation, through its interim CEO, Grant Petersen, is beginning a drilling program of shallow test wells (200m) on its Australian Petroleum Exploration Lease (PEL) 112, to confirm the location of physical structures identified by the Company's seismic data.

This shallow drilling is in advance of a multi-well drilling program with total depths to approximately 6,500 feet, is expected to start late in the fourth quarter of 2008 to early 2009. On advice of the Company's Australian based technical consultants, a recommendation has been made that the Company first drill "Up-hole" tests at key strategic points on the specific seismic lines which have been used to define the target structures. The results from these Up-hole tests will be used to fine tune the exploration well locations.

Up-hole tests, while not required are not uncommon in this part of the Cooper Basin due to a surface layer of thick sand dunes. Upon completion of these Up-hole tests, pending successful outcomes, the Company will apply for drilling permits from the Australian Government.

The proposed well locations are located in the upper panhandle portion of the Company's 554 thousand acre PEL112 concession in Australia's prolific Cooper Eromonga Basin. What makes this play and our locations of such current interest is its center alignment and close proximity to the newly discovered Cooper Energy Parsons Field less than 25km to the Northeast (First two wells with an initial production capacity of approximately 4,792 bod), the Beach Petroleum Callawonga Field and additional 10km further to the to the Northeast. (Three wells, approximately 5,000 bod) and the Malapula Field (Est. 1-5mm barrels recoverable) to the Southwest.


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