HOUSTON AMERICAN ENERGY REPORTS 190 PERCENT INCREASE IN NET INCOME ON 101% REVENUE GROWTH FOR THREE MONTHS ENDED SEPTEMBER 30, 2008
Houston, Texas – November 13, 2008 – Houston American Energy, Corp. (Nasdaq: HUSA), today reported its financial results for the quarter and nine months ended September 30, 2008.
The company reported net income for the three months ended September 30, 2008 of $798,832, or $0.03 per share, on revenues of $2,350,782 as compared to net income of $275,190, or $0.01 per share, on revenues of $1,168,829 for the three months ended September 30, 2007. For the nine months ended September 30, 2008, the company reported net income of $10,000,497, or $0.17 per share, on revenues of $8,616,868 as compared to a net loss of $162,023, or $0.01 per share, on revenues of $3,153,914 during the nine month period in 2007. Operational highlights for the third quarter include: Operating income increased to $803,108 from a loss of $235,910 in the 2007 quarter; Net income increased to $798,832 from $275,190 in 2007; Oil & Gas revenues increased 101% over the same three month period in 2007; Quarter end cash exceeded $11.8 million; and No debt at quarter end. Mr. John F. Terwilliger, President and Chairman of Houston American Energy, stated, “I am pleased to report the results of the Third Quarter 2008 for Houston American Energy Corp. Management believes that despite the recent decline in oil and natural gas prices, Houston American Energy will continue to drill economic wells and further delineate our recent discoveries on our various contract areas in Colombia. This continued drilling has the potential to significantly enhance our growth rate in revenues and cash moving forward.”
Mr. Terwilliger went on to state, “I am also very pleased to report that our Board of Directors has declared our second quarterly dividend of $0.02 per common share to holders of record on November 28, 2008 with a payment date of December 12, 2008. The declaration of this dividend is the recognition by our Board of Directors of results this year to date and its confidence that we will continue to achieve revenue and earnings growth in the future.”
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.
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 achieve similar drilling results from projected drilling, the company’s ability to increase its rate of revenue and income growth, and the company’s ability to drill economic wells and fully delineate its prospects in Colombia given the recent decline in oil and natural gas prices. 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. 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.