HOUSTON, May 20, 2019 /PRNewswire/ -- Houston
American Energy Corp. (NYSE American: HUSA) today announced the
initiation of fracking operations on the company's Frost #1H
well.
The Frost #1H well is located in the Northwest Shelf of the
Midland Basis, in Yoakum County,
Texas, and targets the "Exploration" component of the San
Andres Formation. Houston American Energy holds a 12.5% working
interest (subject to a 10% back-in after payout) in the 650-acre
prospect.
Jim Schoonover, interim CEO of
Houston American Energy, stated, "The operator of our Frost #1H
well has initiated fracking operations on the completed
well. Production facilities have been built on the site to
support a multi-well program, including access to a saltwater
disposal well. We anticipate bringing product to sale as soon as
possible following completion of fracking. Our operator has
previously indicated that our Yoakum
County lease acreage may support up to five additional
horizontal wells."
"Once initial production volumes are known, we will announce
results and approximate timing on further development of the
lease."
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 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
timing to complete fracking operations, ultimate well results,
timing to bring product to sales, the capacity of the production
facilities to support a multi-well program and the capacity of the
Yoakum County lease acreage to
support up to five additional horizontal wells. Our ability to
successfully bring the Frost #1H well onto production and develop
the prospect is subject to numerous risk factors, including our
ability to finance our share of costs, the ability of our operator
to finance and execute on planned drilling operations, the ultimate
recoveries from the prospect, the availability and cost of rigs and
services necessary to conduct drilling operations, among other
risks described in our reports filed with the Securities and
Exchange Commission.
For additional information, view the company's website at
www.houstonamerican.com or contact Houston American Energy Corp. at
(713) 222-6966.
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SOURCE Houston American Energy Corp.