HOUSTON, May 5, 2017 /PRNewswire/
-- Houston American Energy Corp. (NYSE MKT: HUSA) today
announced that it has completed a private placement of $910,000 of Units consisting of shares of 12.0%
Series B Convertible Preferred Stock and Warrants.
Funds from the offering will be used primarily to pay
Houston American's share of drilling
costs on the Johnson State #1H well in
Reeves County, Texas, with excess
funds being added to working capital.
John P. Boylan, CEO and President
of Houston American stated, "This
equity raise provides Houston
American with capital needed to pay our share of the
drilling costs of our first Reeves
County well, which spud earlier this week. The raise will
also provide additional working capital and further our ongoing
plan to regain compliance with NYSE MKT shareholders' equity
requirements."
Separately, the Board of Directors has rescheduled Houston American's 2017 annual meeting of
stockholders to September 6,
2017. Houston American will
distribute a definitive proxy statement in the coming weeks in
connection with the matters to be voted on at the rescheduled
annual stockholders meeting.
This news release does not constitute an offer to sell or
solicitation of an offer to buy any securities.
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
the Delaware Basin in 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
regaining compliance with NYSE MKT shareholders' equity
requirements. 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 completion costs, timing of drilling
operations and ultimate drilling results, among 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.houstonamerican.com or contact the Houston American Energy
Corp. at (713) 222-6966.
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SOURCE Houston American Energy Corp.