Holloman Energy Corporation announced that the drilling of the Baikal #1 went smoothly without any incidents, environmental issues or significant delays. The well was drilled to a depth of 2,176 meters, (7,138 feet), on time and under budget. As no hydrocarbon shows were found, Holloman Energy Corporation agreed to plug and abandon the well.

The management of the Joint Venture partners plans to hold discussions in the upcoming weeks to determine the next steps to take pertaining to the Company's Petroleum Exploration Licenses in Australia.