Houston American Energy Announces Agreement To Participate In Pecos County,
HOUSTON, July 25, 2013
HOUSTON, July 25, 2013 /PRNewswire/ --Houston American Energy Corp. (NYSE
MKT: HUSA) today announced that it has agreed to participate in drilling a
10,000' test well in Pecos County, Texas.
The well, sited on a 725 acre lease block, is planned to test the Devonian
chert and Strawn formation targeting potential oil pay. The block is expected
to accommodate multiple offset locations should the test be successful.
Houston American will hold a 10% working interest after the casing point in
the test well and in the entire lease block. Houston American's costs in the
test well are expected to be $400,000 or less which will be funded from
working capital. Drilling operations are expected to begin in September 2013.
The well operator has drilled over 100 wells on similar prospects on trend.
John F. Terwilliger, Chairman and CEO of Houston American Energy, stated,
"While we remain focused on our large blocks in Colombia, we have been
pursuing domestic opportunities where we can add shareholder value. We
believe the Pecos County well offers such an opportunity given the favorable
track record and economics of wells drilled by the operator on trend. We are
evaluating additional opportunities to participate in other prospects with the
operator. As we continue to build a pipeline of what we believe to be
attractive prospects, we expect our drilling activities in the United States
to gain momentum."
About Houston American Energy Corp.
Based in Houston, Texas, Houston American Energy Corp is an independent energy
company with interests in oil and natural gas wells and prospects. The
Company's business strategy includes a property mix of producing and
non-producing assets with a focus on Colombia, Texas and Louisiana. Additional
information can be accessed by reviewing our Form 10-K and other periodic
reports filed with the Securities and Exchange Commission.
For additional information, view the company's website at
www.houstonamericanenergy.com or contact the Houston American Energy Corp. at
Disclosures in this press release may contain forward-looking statements
relating to anticipated or expected events, activities, trends or results.
Such forward-looking statements, include, but are not limited to, statements
regarding the results and cost of the test well, potential offsets, future
drilling activities, and other statements that are not historical facts.
Forward-looking statements, can be identified by the use of forward looking
terminology such as "believes," "suggests," "expects," "may," "goal,"
"estimates," "should," "likelihood," "plans," "targets," "intends," "could,"
or "anticipates," or the negative thereof, or other variations thereon, or
comparable terminology, or by discussions of strategy or objectives. Because
forward-looking statements relate to matters that have not yet occurred, these
statements are inherently subject to risks and uncertainties. Such statements
are made to provide the public with management's current assessment of the
Company's business, and it should not be assumed that actual results will
prove these statements to be correct. Security holders are cautioned that such
forward-looking statements involve risks and uncertainties. The
forward-looking statements contained in this press release speak only as of
the date of this press release, and the Company expressly disclaims any
obligation or undertaking to report any updates or revisions to any such
statement to reflect any change in the Company's expectations or any change in
events, conditions or circumstances on which any such statement is based.
Certain factors may cause results to differ materially from those anticipated
by some of the statements made in this release. Please carefully review our
filings with the SEC as we have identified many risk factors that impact our
SOURCE Houston American Energy Corp.
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