Houston American Energy Announces Recompletion and Initial Test Results From the Crown Paper #1 Well
Houston, Texas May 10, 2013 Houston American Energy Corp (NYSE MKT: HUSA) announced today that Pennington Oil & Gas, LLC, the operator of the Crown Paper #1 well in the Profit Island Field in East Baton Rouge Parish, Louisiana, has successfully carried out a recompletion of the Crown Paper #1 well. Houston American holds a 5.675% royalty interest in the well, which interest will be reduced to a 2.838% royalty interest after Houston Americans receipt of royalties totaling approximately $225,000. Houston American also holds working interests and royalty interest in adjacent acreage to the Profit Island Field.
The Crown Paper #1 well came back on production following the recompletion on April 25, 2013 and is currently producing in excess of 300 barrels of condensate and 900 mcf of gas per day.
John Terwilliger, Chief Executive Officer of Houston American Energy, stated, While it is early in its production life for this new interval, I am very pleased with the initial production from the well. As a royalty owner, Houston American is not privy to all of the data on the well and cant speak as to the future cash flows that may be realized from the well. Nonetheless, I view the successful recompletion in the Tuscaloosa Sand as favorable to our Profit Island and North Profit Island Prospects. Houston American will continue to evaluate this area as well as pursue other domestic opportunities.
About Houston American Energy Corp.
Based in Houston, Texas, Houston American Energy Corp is an independent energy company with interests in oil and natural gas wells and prospects. The Company’s business strategy includes a property mix of producing and non-producing assets with a focus on Colombia, Texas and Louisiana. Additional information can be accessed by reviewing our Form 10-K and other periodic reports filed with the Securities and Exchange Commission.
For additional information, view the company’s website at www.houstonamericanenergy.com or contact the Houston American Energy Corp. at (713) 222-6966.
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