Houston American Energy Provides Drilling Update and Announces an Additional
HOUSTON, Jan. 13, 2014
HOUSTON, Jan. 13, 2014 /PRNewswire/ -- Houston American Energy Corp. (NYSE
MKT: HUSA; "Houston American" or the "Company") today provided an update on
its drilling operations in Iberville Parish, Louisiana and announced that it
had acquired an interest in an additional prospect.
In Iberville Parish, Louisiana, Houston American holds a 3% working interest
in a 13,888 foot well that has been drilled and completed. The well tested at
a daily rate of 384 barrels of approximately 37 degree API oil, 565 mcf of
natural gas and no water at 5817 lbs flowing tubing pressure on a 6/64"
choke. Production of the well is awaiting construction of production
Additionally, Houston American announced that it has acquired a 50% working
interest in a well to be re-entered in Oklahoma and is in the process of
leasing an approximately 400 acre block in the area encompassing the existing
well. Subject to completion of its leasing efforts, Houston American plans to
conduct operations to re-enter the existing 5,350 foot well and to drill an
John F. Terwilliger, Chairman and CEO of Houston American Energy stated: "We
are pleased with the initial results of our Iberville well and look forward to
commencing production from the well. With our renewed domestic prospect and
drilling activity, we are looking to be able to report both additions to our
production and a growing prospect inventory. The Oklahoma well and leasing of
the prospect block are typical of what we are hoping to accomplish. The
prospect and surrounding area are characterized by predominantly oil
production and generally long production lives. If our initial efforts are
successful, we envision drilling as many as 15 to 20 wells on the block."
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 ultimate production and timing of commencement of production
from the Iberville well, the company's ability to successfully assemble a
lease block in Oklahoma, the results of re-entry of the Oklahoma well and
drilling an offset well, the ultimate number of wells that may be drilled on
the Oklahoma block, the company's ability to finance its share of the costs of
all such efforts, future leasing and 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: John Terwilliger, (713) 222-6966
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