HOUSTON AMERICAN ENERGY ANNOUNCES SECOND QUARTER 2009 FINANCIAL RESULTS — Company Declares Quarterly Dividend of $.005 per Share —
Houston, Texas – August 10, 2009 – Houston American Energy Corp. (Nasdaq: HUSA) today reported its financial results for the quarter ended June 30, 2009.
The Company reported net income for the three months ended June 30, 2009 of $112,107, or $0.00 per share, on revenues of $1,134,118, as compared to net income of $3,199,802, or $0.11 per share, on revenues of $3,328,951 for the three months ended June 30, 2008. For the six months ended June 30, 2009, the company reported a loss of $1,366,212, or $0.05 per share, on revenue of $1,579,260, as compared to net income of $4,071,524, or $0.14 per diluted share, on revenues of $6,266,085. The decrease in revenue for both the quarter and six month period was primarily attributable to decreased commodity prices realized in the 2009 periods as compared to 2008, reduced production from the majority of our wells being shut in during the later half of the 1st quarter and early in the 2nd quarter of 2009, and lost production related to the sale of the Caracara concession in 2008. Net income during the 2008 six month period reflected a gain, before taxes, from the sale of the Caracara concession in the amount of $7,615,236. Mr. John F. Terwilliger, President and Chairman of Houston American Energy, stated, “During the quarter management has been actively working towards its goal of employing its strong debt free financial position to acquire assets and new projects. Positive results from this endeavor were announced on June 24, 2009, with Houston American Energy announcing its farmout participation in the Serrania Block in Colombia. We also continue to balance our Colombian holdings with the acquisition of strategic interests in additional domestic prospects in Louisiana and Texas. Other projects are under development and management looks forward to finalizing one or more of these during the third quarter. Currently, management is aggressively working towards putting in place a portfolio of projects that, taken together with our existing assets, will provide the platform for strong future growth for the Company.”
In view of the Board of Directors’ confidence in the outlook for Houston American Energy, a dividend of $0.005 per share has been declared for shareholders of record as of August 27, 2009 with a payment date of September 16, 2009.
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 Texas, Louisiana and Colombia. Additional information can be accessed by reviewing our Form 10-Q and other periodic reports filed with the Securities and Exchange Commission which can be found on our website at www.houstonamericanenergy.com.
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 company’s ability to increase its revenues and profitability in future periods and identify, finance, acquire and operate assets and operations on favorable terms, or at all. Those statements, and Houston American Energy Corp., are subject to a number of risks, including the potential changes in price based on operations and fluctuations in oil prices, changes in market conditions and other factors, effects of government regulation, and the ultimate results derived from our projects and our efforts to identify, finance and consummate the acquisition of assets and operations. These and other risks are described in the company’s documents and reports that are available from the company and the United States 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.