HOUSTON, Aug. 4, 2020 /PRNewswire/ -- Houston American
Energy Corp. (NYSE American: HUSA) today provided an update on
planned drilling and development operations on its U.S. Permian
Basin acreage. Following its announcement in late
March 2020 of the deferral of all
planned drilling and development operations due to the onset of the
COVID-19 pandemic, the company is restarting the planned drilling
and development of its Permian Basin acreage.
In Yoakum County, TX, a frac
procedure on the company's Frost #2-H well is scheduled to commence
on August 24, 2020. The Frost
#2-H well, our second San Andres well in Yoakum County, was drilled and completed in
March, 2020. The company holds an 18.6% working interest in
the well.
In Hockley County, TX, the
company has executed a Joint Operating Agreement on its first
planned well with drilling operations expected to commence in
September 2020. The planned well is located on a 5,871-acre
block. The company holds a 20% working interest in the block, which
is part of 20,367-acre area of mutual interest, with the company
paying 26.667% of costs of the initial test well through the point
at which the well is drilled, completed, equipped and ready for
operation, production or disposal.
Jim Schoonover, CEO of Houston
American Energy, stated, "We, and our operating partners, believe
the time is right to resume our exploration and production
activities. The domestic rig count is down dramatically since the
beginning of the year and industry pricing has stabilized at much
more favorable rates. With drilling and development costs down
markedly, we believe it is an economical time to restart
operations."
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
actual timing of drilling projects and our ability to realize
improved well economics. The timing of operations and ultimate cost
and success of drilling operations is subject to numerous risk
factors, including our dependence upon third party operators and
suppliers to perform within the planned time frame and within
budget, the ultimate recoveries from prospects, and 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.