HOUSTON, Jan. 22, 2020
/PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA)
today provided an update on the company's recent financing
activities and current financial position.
Since reporting 3rd quarter 2019 results,
Houston American has raised
$4.49 million of net proceeds from
the sale of common stock. The shares were sold under its previously
announced "at-the-market", or ATM, sales program at an average
price of $0.21 per share. These funds
will be used to retire all short-term debt and are expected to
fully fund the company's 2020 drilling budget and to establish a
cash reserve to support operations and future
projects.
Jim Schoonover, CEO of Houston
American Energy, stated, "With the broad strength in energy markets
and energy stocks in the wake of the recent U.S./Iran conflict, we elected to access funds
available under our ATM sales program. With this financing, we
expect to be able to fully fund our operating and capital
expenditure requirements during 2020 with additional capital
available to pursue other growth opportunities that may come our
way. We are excited about the additions to our prospect
inventory over the past year and the direction of the company and
look forward to reporting our progress to shareholders throughout
2020."
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 our
ability to fully fund our 2020 drilling budget and support
operations and future projects. Our ability to fund our
drilling budget, operations and future projects is subject to
numerous risk factors, including potential cost overruns,
unforeseen costs, acceleration of drilling operations not presently
contemplated, other factors that may result in our spending more
than presently contemplated to support operations, planned 2020
drilling operations and future projects, 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.