HOUSTON, May 10, 2013 /PRNewswire/
-- Houston American Energy Corp. (NYSE MKT: HUSA) announced today
that Pennington Oil & Gas, LLC, the operator of the Crown Paper
#1 well in the Profit Island Field in East Baton Rouge Parish, Louisiana, has
successfully carried out a recompletion of the Crown Paper #1
well. Houston American holds a
5.675% royalty interest in the well, which interest will be reduced
to a 2.838% royalty interest after Houston
American's receipt of royalties totaling approximately
$225,000. Houston
American also holds working interests and royalty interest in
adjacent acreage to the Profit Island Field.
The Crown Paper #1 well came back on production following the
recompletion on April 25, 2013 and is
currently producing in excess of 300 barrels of condensate and 900
mcf of gas per day.
John Terwilliger, Chief Executive
Officer of Houston American Energy, stated, "While it is early in
its production life for this new interval, I am very pleased with
the initial production from the well. As a royalty owner,
Houston American is not privy to all
of the data on the well and can't speak as to the future cash flows
that may be realized from the well. Nonetheless, I view the
successful recompletion in the Tuscaloosa Sand as favorable to our
Profit Island and North Profit Island Prospects. Houston American will continue to evaluate this
area as well as pursue other domestic opportunities."
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 (713) 222-6966.
Forward-Looking Statements
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 future levels of
production, future development activities, ability to successfully
explore for and develop reserves 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.