HOUSTON, Aug. 1, 2017 /PRNewswire/
-- Houston American Energy Corp. (NYSE MKT: HUSA) today
announced production information on its Johnson State #1H well and provided an update with
respect to the status of its drilling and completion operations in
Reeves County, Texas.
The company's Johnson State #1H
well, a 4,510 foot lateral Lower Wolfcamp A shale completion, is
the company's first well in Reeves County. On July 28, 2017, the operator began the process of
shutting in the well pending completion of production handling
facilities and tying into the gas sales line, which is anticipated
within the next two weeks. Prior to shut in, the latest daily
flowback report indicated production rates of 351 barrels of oil
per day and 4,269 mcf of natural gas per day, or a combined 1,062
barrels of oil equivalent per day.
The company's second Reeves
County well, the O'Brien #3H, reached total depth on
July 1, 2017. The well, with a 4,575
foot horizontal leg in the Upper Wolfcamp A shale, is scheduled to
commence hydraulic fracturing operations during the second half of
August 2017.
John P. Boylan, CEO and President
of Houston American stated, "We are
very pleased to begin seeing the fruits of our investments in
Reeves County. Our Johnson State #1H well is our first Reeves County well and initial results are
encouraging and slightly exceed our original expectations. We plan
to announce initial production rates from our O'Brien #3H well when
they become available. While we remain in the very early stages of
our planned operations in Reeves
County, initial results appear to support our rationale for
entry into the Permian (Delaware)
Basin and the prospects of a multi-well drilling program on our
initial acreage. The Johnson
State #1H well is our first meaningful U.S. well and marks a
milestone in the repositioning of our company as a Permian
(Delaware) Basin
participant. We expect to see meaningful improvements in our
production, revenue and profitability by the end of Q3 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
the Permian (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
ultimate production rates, timing of completion of production
handling facilities and tie in to the gas sales line, timing of
hydraulic fracturing operations on the O'Brien #3H well,
improvements in production, revenues and profitability, the
ultimate viability of a multi-well drilling program and results of
drilling and completion 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 well costs, timing
of drilling operations, ultimate drilling results, potential
changes in production rates, fluctuations in energy prices,
fluctuations in drilling and operating costs, 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.houstonamerican.com or contact the Houston American Energy
Corp. at (713) 222-6966.
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SOURCE Houston American Energy Corp.