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Houston American Energy Corp. (HUSA) is an independent energy company, headquartered in Houston, Texas, engaged in the acquisition, exploration, development, and production of natural gas, crude oil, and condensate. The company's primary operations are located in the Texas Permian Basin, the onshore Texas and Louisiana Gulf Coast region, and the South American country of Colombia.
Incorporated in 2001, Houston American Energy Corp. has established itself as a key player in the energy sector with a focus on maximizing shareholder value through strategic acquisitions and exploration activities. As of December 31, 2019, the company held interests in four gross wells, underscoring its commitment to expanding its asset base and production capacity.
The company's core business strategy revolves around leveraging its expertise in geologically rich areas to identify and develop high-potential oil and gas properties. Its operations in the U.S. Permian Basin and Gulf Coast regions are central to this strategy, providing access to some of the most prolific hydrocarbon-producing areas in the country. Additionally, the company's ventures in Colombia allow it to diversify its asset portfolio and tap into emerging markets with substantial growth potential.
Recent achievements for Houston American Energy Corp. include successful drilling and development projects that have contributed to increasing production volumes and reserves. The company continues to focus on optimizing its operational efficiency and cost structure to enhance profitability and sustain long-term growth.
Financially, Houston American Energy Corp. is committed to maintaining a strong balance sheet and prudent financial management practices. The company seeks to invest in high-return projects and is continually evaluating new opportunities to expand its asset base through strategic partnerships and acquisitions.
Overall, Houston American Energy Corp. stands out in the energy sector with its robust portfolio of assets, strategic focus on high-potential regions, and commitment to operational excellence and financial discipline.
Houston American Energy Corp (NYSE American: HUSA) has announced the closing of a private placement offering, raising approximately $2.5 million through the sale of 2,180,180 shares of common stock to an accredited investor. The company also announced significant leadership changes, with Peter F. Longo appointed as the new President and CEO, replacing John F. Terwilliger who will continue as a director. Longo, currently Chairman of Cyient Inc, brings extensive experience from roles at United Technologies Corp. The company plans to use the proceeds for general corporate purposes and strategic growth initiatives in the energy sector, including oil & gas, renewable energy, and energy transition technologies.
Houston American Energy (NYSE American: HUSA) announced plans to drill six wells on the State Finkle Unit in Reeves County, Texas, targeting the Wolfcamp formation.
EOG Resources will operate the unit, where HUSA holds a 0.0078 working interest.
Drilling is set to start by June 30, 2024, with all wells expected to spud by September 1, 2024.
HUSA will invest approximately $600,000 in this drilling program.
Houston American Energy Corp. (HUSA) announced an acquisition of additional interest in Hupecol Meta, LLC, increasing its stake in the CPO-11 block in Colombia. This block covers nearly 1000 square miles and has multiple identified leads. HUSA now holds approximately 16% interest in the Venus Exploration area and 8% in the remaining block. The company operates two producing wells and plans a 3D seismic acquisition program to enhance development. CEO John Terwilliger expressed optimism regarding the acquisition and operational progress, emphasizing the potential for future drilling.
Houston American Energy Corp. (NYSE American: HUSA) has adjourned its Annual Meeting of stockholders scheduled for September 20, 2022, due to insufficient quorum. The meeting will reconvene on October 25, 2022, at 10:00 a.m. central time. No changes are expected to the record date or proposals outlined in the proxy statement. The company stresses the importance of stockholders voting their proxies to meet quorum requirements, as a lack of votes may lead to further adjournments and incurred costs.
Houston American Energy Corp. (NYSE American: HUSA) provided an update on its CPO-11 Block operations in Colombia. Year-to-date, two wells were drilled, with the Saturno #1ST well soon to begin production. Plans for the Venus Exploration Area include a 3D seismic grid acquisition and drilling of a horizontal well. The company holds an 11% interest in the Venus wells and a 5.5% interest in the remaining CPO-11 Block wells. CEO John Terwilliger expressed satisfaction with the operational progress and future development plans.
Houston American Energy Corp. (NYSE American: HUSA) has acquired an additional interest in Hupecol Meta, LLC, enhancing its position in the CPO-11 block in Colombia, covering approximately 639,405 gross acres. This includes the 69,128-acre Venus Exploration area and 570,277 acres partially farmed out to Parex Resources. Houston American now holds about 11% in Venus and 5.5% in the rest of the block. Drilling operations for its first well in the Venus area are underway, signaling the company's continued expansion and activity in the oil and gas sector.
Houston American Energy Corp. (NYSE MKT: HUSA) announced the commencement of drilling operations on its first well in the CPO-11 Venus Exploration Area, Colombia, following final approvals and permits. The company holds a 6.99% working interest in the well. The drilling is operated by Hupecol Operating, with Houston American's interest held through Hupecol Meta, LLC, which has a 50% stake in the CPO-11 block. CEO John Terwilliger expressed optimism about the potential future activities based on the results of this initial drilling.
Houston American Energy Corp. (HUSA) has decided to adjourn its annual stockholders meeting from June 15, 2021, to July 22, 2021. This decision aims to allow additional time for soliciting proxies regarding proposals, particularly the significant Proposal 2, which seeks to increase authorized shares from 12 million to 20 million. Currently, nearly 90% of received proxies favor this proposal, yet it has not achieved majority support necessary for approval. The Board encourages stockholders to vote to facilitate the company's growth and expansion.
Houston American Energy Corp. (NYSE American: HUSA) has announced the redemption of all shares of its 12% Series A and Series B Convertible Preferred Stock. The company used $1.97 million from its At-the-Market Sales Issuance Agreement to fund this redemption, which eliminates $230,000 in annual dividend obligations. President John Terwilliger stated that this move positions the company to meet capital requirements while being debt-free, allowing for future growth in reserves and production.
Houston American Energy Corp. (NYSE American: HUSA) announced management changes effective December 1, 2020. President and CEO James Schoonover will step down but will remain on the board as a director. John Terwilliger has been selected to resume his previous roles as President and CEO, bringing years of industry experience and a deep understanding of the company's operations and assets. Chairman Steve Hartzell expressed gratitude for Schoonover's interim leadership and emphasized Terwilliger's seasoned leadership as a positive development for the company.
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