HOUSTON, Feb. 9, 2017 /PRNewswire/
-- Houston American Energy Corp. (NYSE MKT: HUSA) today
announced that it has completed the acquisition of a 25% working
interest in two lease blocks covering 717.25 acres in Reeves County, Texas.
The interest was acquired from Founders Oil & Gas III, LLC
for a purchase price of $5,500 per
net mineral acre, or a total of $986,000. Additional adjacent acreage is expected
to be acquired in the coming weeks by Founders, with Houston American acquiring an interest in the
same, to bring the total acreage position to approximately 800
gross acres. Founders will serve as operator of the acreage with
drilling of an initial well expected to commence by July 1, 2017 targeting potential resources in the
Delaware Basin (which is a
sub-basin of the Permian Basin) located in west Texas.
John P. Boylan, CEO and President
of Houston American stated, "We are
very excited to have consummated this acquisition and look forward
to commencing drilling and to the prospect of developing a
long-term relationship with Founders. Since our agreement to
acquire this position, our further evaluation of the acreage,
together with recent announcements of multi-billion dollar
acquisitions in, and entries into, the Permian Basin by a number of
world-class operators, has bolstered our belief in the potential of
these properties."
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,
minerals 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
The information in this release includes certain forward-looking
statements that are based on assumptions that in the future may
prove not to have been accurate, including statements regarding the
timing of commencement of drilling operations, the timing, amount
and ability to acquire additional acreage and the ultimate results
of drilling operations. Those statements, and Houston American
Energy Corp., are subject to a number of risks, including the
potential inability to secure financing to fund Houston American's share of drilling costs,
timing of drilling operations and ultimate drilling results,
potential changes in price based on operations and fluctuations in
energy prices, changes in market conditions, effects of government
regulation and other factors. These and other risks are
described in the company's documents and reports that are available
from the company and the United States 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.