HOUSTON, Sept. 20, 2019 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today announced that it has secured funding to complete its previously announced agreement to acquire a 20% interest in a 5,871 gross acre block in the San Andres formation located in the Northern Shelf of the Permian Basin. With the funding and completion of the acquisition, the company has increased its gross acreage position in the Permian Basin while also securing participation rights in an area of mutual interest, including the acquired acreage position, covering 20,367 gross acres. Funding was provided in the form of a loan, with warrants, from the company's Chief Executive Officer and a principal shareholder.
HOUSTON, Oct. 22, 2019 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) (the "Company") today announced that on October 17, 2019, it received a deficiency letter ("Letter") from the NYSE American LLC (the "NYSE American") stock exchange indicating that, pursuant to Section 1003(f)(v) of the NYSE American Company Guide (the "Company Guide"), the Company's common stock has been selling for a low price per share for a substantial period of time. Accordingly, the Letter states that the Company must demonstrate sustained share price improvement or effect a reverse stock split of its common stock by no later than April 16, 2020, in order to maintain the listing of the Company's common stock on the NYSE American.
Houston American Energy Corp. (NYSE American: HUSA) today announced the acquisition of an additional interest in Hupecol Meta, LLC, doubling its interest in Hupecol Meta previously announced on October 22, 2019. Hupecol Meta owns the 639,405 gross acre CPO-11 block in the Llanos Basin in Colombia, comprised of the 69,128 acre Venus Exploration area, operated by Hupecol, and 570,277 acres which was 50% farmed out to Parex Resources by Hupecol. In total, the CPO-11 block covers almost 1000 square miles with multiple identified leads and prospects expected to support a multi-well drilling program. Through its membership interest in Hupecol Meta, Houston American now holds a 2% interest in the Venus Exploration area and a 1% interest in the remainder of the block.
The Frost #1H well was put on production as of June 8, 2019. The well began producing oil immediately and has been unloading frac fluid and formation water while continuing to produce oil. Over the first two weeks of August, daily production from the well has averaged 81 barrels of oil and 1,538 barrels of water. The well operator has advised that peak production is expected between 3 to 6 months following commencement of production. The operator has also advised that it is disposing of produced water at $0.40 per barrel, making the well economical at current production rates. Based on the initial and anticipated ultimate results of the Frost #1H well, the operator and Houston American Energy have agreed to drill an additional 3 wells on the lease over the next 12 months. The first of these additional wells is expected to be drilled in the fourth quarter of 2019.
Houston American Energy Corp. (NYSE American: HUSA) today provided an update on drilling plans for the foreseeable future. In light of industry conditions and the ongoing impact of the COVID-19 pandemic, we plan to work with our operators to discuss deferring proposed drilling projects until the situation becomes clearer. However, our second San Andres well in Yoakum County, the Frost 2-H well, has proceeded as planned. Drilling was initiated on March 12th. As previously announced, Houston American recently increased its working interest in the well from 12.5% to 18.6%.
Houston American Energy Corp. (NYSE American: HUSA) today provided an update on the company's recent financing activities and current financial position.
HOUSTON, Aug. 26, 2019 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today announced that it has signed an agreement to participate in a new drilling program in the San Andres formation located in the Northern Shelf of the Permian Basin. Under the agreement, the company will acquire a 20% working interest in an existing 5,871 gross acre block. The agreement provides that Houston American will pay 26.667% of the costs of an initial test well through the point at which the well is drilled, completed, equipped and ready for operation, production or disposal. The agreement also defines an area of mutual interest, or AMI, in approximately 20,367 acres in the area of, and including, the existing acreage covered by the agreement. The parties to the agreement will have the right to participate, at cost, in any interest acquired in the AMI over the following five years.
HOUSTON, Oct. 22, 2019 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today announced the acquisition, effective October 31, 2019, of a membership interest in Hupecol Meta, LLC which owns the CPO-11 block in the Llanos Basin in Colombia. The 639,405 gross acre CPO-11 block is comprised of the 69,128 acre Venus Exploration area, operated by Hupecol Operating Co. LLC, and 570,277 acres which was 50% farmed out to Parex Resources by Hupecol. Through its membership interest, Houston American holds a 1% interest in the Venus Exploration area and a 0.5% interest in the remainder of the block.
HOUSTON , June 14, 2019 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today provided an update on operations on the Frost #1H well located in the Northwest Shelf of the Midland Basis, ...
The big shareholder groups in Houston American Energy Corp. (NYSEMKT:HUSA) have power over the company. Institutions...
HOUSTON , Nov. 21, 2019 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today announced plans for drilling the Frost #2-H well, the company's second San Andres well in Yoakum County. ...
Houston American Energy Corp. (NYSE American: HUSA) today announced drilling plans for the company's second San Andres well in Yoakum County, the Frost 2-H well. The operator has set a drilling date for March, 2020, pending rig availability. The well's planned total depth is approximately 5,500 feet with a 5,000-foot horizontal leg. The prospect contains 650 gross acres. Houston American also announced that it has increased its working interest in the planned well from 12.5% to 18.6%.