Houston American Energy Updates Drilling Plans
HOUSTON, Oct. 3, 2013
HOUSTON, Oct. 3, 2013 /PRNewswire/ --Houston American Energy Corp. (NYSE MKT:
HUSA) today provided an update with respect to its near term drilling plans.
In addition to previously announced plans to participate in drilling a 10,000'
test well in Pecos County, Texas, Houston American announced that it has
agreed to participate in the drilling of test wells on three prospects, each
of which is presently anticipated to occur before year-end 2013.
The planned wells, and Houston American's interest in the prospects, are as
oIn South Texas, a 4,000' test of the Lower Hockley Sand is planned
targeting potential oil pay. The prospect is within a 179 acre lease
block supported by 3-D seismic and is a look-a-like to a successful well
nearby. A second similar prospect has been identified on the lease
block. Houston American will own a 7.2% working interest in the well and
oIn Jefferson Davis Parish, Louisiana, a 7,000' test of the Cris H stringer
and Cris H sand is planned with the objective of gaining structure on
existing productive oil wells. Houston American will own a 10.9% working
interest in the well before payout and a 9.375% working interest after
oIn Iberville Parish, Louisiana, a 13,500' test of the Cib Haz Sands is
planned. Successful wells in surrounding acreage have come on production
at rates averaging approximately 800 barrels of oil per day with
associated gas production. Houston American will own a 3% working
interest in the well and 618 acre lease block.
Houston American has budgeted approximately $700,000 for these prospects to be
funded from its existing working capital
John F. Terwilliger, Chairman and CEO of Houston American Energy stated: "We
have been actively searching for domestic opportunities and have found a
number of interesting conventional exploration prospects that we believe have
been overlooked while other operators are focused on shale plays. A number of
other prospect opportunities are in our project pipeline and we hope to
finalize arrangements to participate in one or more of those prospects in the
near future. We are excited about these prospects and look forward to getting
active with the drill bit here in the U.S."
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 anticipated timing, cost and results of test wells, 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 business plan.
SOURCE Houston American Energy Corp.
Contact: Houston American Energy Corp. at (713) 222-6966
Press spacebar to pause and continue. Press esc to stop.