HOUSTON, Sept. 20, 2019 /PRNewswire/ -- Houston American
Energy Corp. (NYSE American: HUSA) today announced that it has
secured funding to complete its previously announced agreement to
acquire a 20% interest in a 5,871 gross acre block in the San
Andres formation located in the Northern Shelf of the Permian
Basin. With the funding and completion of the acquisition, the
company has increased its gross acreage position in the Permian
Basin while also securing participation rights in an area of mutual
interest, including the acquired acreage position, covering 20,367
gross acres.
Funding was provided in the form of a loan, with warrants, from
the company's Chief Executive Officer and a principal
shareholder.
Jim Schoonover, CEO of Houston
American Energy, stated, "As evidenced by my commitment and that of
our principal shareholder to provide financing for this
acquisition, we are excited about the potential of this new acreage
position. Based on conversations with the operator, we expect
drilling of an initial well on the acreage to commence by year-end
2019."
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 the
timing of drilling an initial well and the ultimate results of
drilling operations on the acquired acreage. The timing and results
of drilling operations and our ability to grow production,
revenues, reserves and shareholder value are subject to numerous
risk factors, including our ability to finance our share of
drilling and development costs, potential fluctuations in energy
prices and third party costs, rates of decline of production, and
ultimate performance of wells, 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.