HOUSTON, July 1, 2016 /PRNewswire/ -- Houston
American Energy Corp. (NYSE Mkt: HUSA) (herein the "Company") today
announced that it has terminated its stock purchase agreement with
Tamboran Resources Limited (herein "Tamboran"). In
February 2016, the Company announced
it had signed an agreement to purchase 12.5% of Tamboran subject to
certain closing conditions. Those closing conditions were not met
by Tamboran and, as a result, the Company has terminated its
agreement effective June 30,
2016.
Chief Executive Officer Mr. John
Boylan commented, "While we are disappointed that we were
unable to consummate our planned investment in Tamboran, with its
intriguing early-stage Australian resource play, the reallocation
of funds earmarked for that investment is expected to enhance our
ongoing pursuit of opportunities offering more immediate potential
for creation of shareholder value. As previously announced, we are
actively engaged in searching for accretive corporate or asset
acquisition opportunities or merger candidates.
Separately, I would note that we are reevaluating our plans
regarding our Colombian assets in light of the recent news of the
historic peace accord between the Colombian government and the
National Liberation Army, also known as FARC. While the peace
accord remains in its early days and there is no assurance as to
how that accord will, or will not, impact our assets, we are
hopeful that the accord will pave the way for a favorable
resolution to our impasse regarding development operations."
About Houston American Energy Corp.
Based in Houston, Texas,
Houston American Energy Corp. is a publicly-traded 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 Texas, Louisiana, and Colombia.
Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statements as to matters that are not of historic fact
are forward-looking statements. These forward-looking statements
are based on the Company's current expectations,
estimates and projections about the Company, its industry, its
management's beliefs and certain assumptions made by management,
and include statements regarding the Company's
ability to successfully redeploy funds in an accretive transaction
and to create shareholder value and the resolution of impasses
relating to Colombian assets and the ultimate value and/or
operating results relating to such assets. No assurance can be
given that such expectations, estimates or projections will prove
to have been correct. Whenever possible, these "forward-looking
statements" are identified by words such as "expects," "believes,"
"anticipates" and similar phrases.
Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject
to certain risks. Given these risks and uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements. Other important risk factors that may
affect the Company's business, results of operations
and financial position are discussed in its most recently filed
Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q,
recent Current Reports on Form 8-K and in other Securities and
Exchange Commission filings. Unless otherwise required by law, the
Company also disclaims any obligation to update its view of any
such risks or uncertainties or to announce publicly the result of
any revisions to the forward-looking statements made here. However,
readers should review carefully reports and documents that the
Company files periodically 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.
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SOURCE Houston American Energy Corp.