HOUSTON, March 4, 2021
/PRNewswire/ -- Houston American Energy Corp. (NYSE American:
HUSA) today announced the redemption of all outstanding shares of
its 12% Series A Convertible Preferred Stock and 12% Series B
Convertible Preferred Stock.
The company funded the redemption of its preferred stock using
$1.97 million of proceeds from sales
of common stock under its At-the-Market Sales Issuance
Agreement.
John Terwilliger, President and
Chief Financial Officer of Houston
American, stated "Proceeds from the sale of shares under our
ATM program has positioned us to meet our expected capital
requirements for the foreseeable future while also providing
adequate capital to redeem our outstanding preferred stock,
eliminating approximately $230,000 of
annual dividend obligations. With our now simple debt-free
capital structure and cash on hand, we are well positioned to fund
our efforts to acquire, drill and develop prospects with a view to
growing our reserves and production."
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 our
ability to meet our capital requirements for the foreseeable future
and our ability to acquire, drill and develop prospects and grow
reserves and production. Our ability to fund the acquisition,
drilling and development of prospect and to grow reserves and
production 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 availability
of rigs and services necessary to conduct drilling operations and
the actual results of 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.