Houston American Energy Corporation (NYSEMKT:HUSA) Stock Decline


Dallas, Texas 03/27/2014 (FINANCIALSTRENDS) – Recently, Houston American Energy Corporation (NYSEMKT:HUSA) provided its update on the drilling-operations in Iberville Parish, in Louisiana & it also announced that it had now acquired the interest in one additional prospect. In Iberville Parish, in Louisiana, Houston American Energy Corporation (NYSEMKT:HUSA) holds a 3% working-interest in the 13,888ft well that has now been drilled & completed. This well tested at the daily rate of 384-barrels of around 37 degree API oil, 565-mcf of natural-gas & no water at 5817-lbs flowing the tubing pressure on the 6/64 choke. Production of this well is now awaiting construction of the production facilities.

Additionally, Houston American Energy Corporation (NYSEMKT:HUSA) also announced that it has now acquired a 50% working-interest in the well that is to be re-entered now in Oklahoma and is also in the process of leasing the approximately 400 acre-block in the area that encompasses its existing well. Subject to the completion of the leasing efforts, Houston American Energy Corporation (NYSEMKT:HUSA) plans to conduct its operations to re-enter its existing 5,350 foot-well and to drill the offset well. John F. Terwilliger, the Chairman & CEO of Houston American Energy Corporation (NYSEMKT:HUSA) said that they are pleased with their initial results of the Iberville well and also look forward to starting the production from this well.

With their renewed domestic prospect & drilling activity, they are looking to be able to now report both the additions to their production & in a growing-prospect inventory. The company’s Oklahoma well & leasing of this prospect block are very typical of what they are hoping to now accomplish. This prospect and the surrounding area are also characterized by predominantly oil-production and generally very long production lives. If their initial efforts are then successful, they envision drilling almost 15 to 20 wells on this block. Based in Houston, in Texas, Houston American Energy Corporation (NYSEMKT:HUSA) is an independent-energy company with its interests in oil & natural gas wells & prospects. ”