HOUSTON, March 22, 2017 /PRNewswire/ -- Houston
American Energy Corp. (NYSE MKT: HUSA; the "Company") today
announced receipt of notification (the "Deficiency Letter") from
the NYSE MKT LLC that the Company continues to be out of compliance
with certain NYSE MKT continued listing standards relating to
stockholders' equity.
Specifically, the Deficiency Letter indicated that the Company
continues to be out of compliance with Section 1003(a)(iii) of the
NYSE MKT Company Guide (the "Company Guide") (requiring
stockholders' equity of $6.0 million
or more if it has reported losses from continuing operations and/or
net losses in its five most recent fiscal years) and is also out of
compliance with Section 1003(a)(ii) (requiring stockholders' equity
of $4.0 or more if it has reported
losses from continuing operations and/or net loss in its four most
recent fiscal years). As of December 31,
2016, the Company had stockholders' equity of $2.86 million.
As previously reported, the Company has submitted a plan to
regain compliance with NYSE MKT listing standards. If the
Company does not regain compliance with those standards by
September 18, 2017, or does not make
progress consistent with the plan, the NYSE MKT staff may commence
delisting proceedings. The Company's common stock continues to
be listed on the NYSE MKT during the plan period.
The Company's common stock will continue to trade under the
symbol "HUSA," with the added designation of ".BC" to indicate that
the Company is not in compliance with the NYSE MKT's listing
standards. The NYSE MKT notification does not affect the Company's
business operations or its SEC reporting requirements and does not
conflict with or cause an event of default under any of the
Company's material agreements.
The Company also announced the inclusion of a going concern
qualification in the audit opinion relating to the Company's
audited consolidated financial statement at and for the year ended
December 31, 2016, which financial
statements are included in the Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 16, 2017.
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 the Company's ability to
execute on a plan to regain compliance with NYSE MKT listing
standards. Those statements are subject to a number of risks
described in the Company's documents and reports filed from time to
time with the Securities and Exchange Commission, which reports 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.