Houston American Energy Corp. Announces 4th Quarter Drilling Schedule
Thursday, October 7, 2004
HOUSTON, October 7, 2004 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News) announces the 4th quarter 2004 drilling schedule. Houston American Energy Corp. expects to drill or have commenced the drilling of seven wells by year end 2004. The Hutchins Peareson #1 & Hutchins Peareson #2 are on a 280 acreage leasehold in Wharton County, Texas. These wells will be drilled to 5000′ and Houston American Energy will have a 9.5% carried working interest to casing point. The Donner field well in Terrebonne Parish, Louisiana will be drilled to 13,100′ TVD on a 194 acre leasehold. HUSA holds a 1.25% carried working interest to casing point. A well will be drilled to 10,300′ TVD on the Baker Bay Prospect in Plaquemines Parish, Louisiana. This is a 300 acre prospect in which HUSA owns a 2.4% working interest. The Company expects to drill a second well on its Crowley Prospect in Arcadia Parish, Louisiana to 12,100′ TVD. The Company will own a 3% working interest in this well. Two more wells are expected to be drilled in HUSA’s international operations area.These 4th quarter operations are being funded from cash on hand or internally generated funds. “We are very pleased with this level of activity and the diversified exposure this provides Houston American Energy. These projects all have the same lower risk yet high potential that is the focus of HUSA’s exploration efforts. In addition, of the seven wells HUSA’s interest in three is a carried interest to casing point therefore not exposing the Company’s capital in the drilling phase. HUSA has drilled 10 wells this year of which 9 have been completed as producers. I think this level of drilling is a real achievement for a company with our low overhead structure and therefore has the potential to translate into a greater value for shareholders,” said John F. Terwilliger, Chairman, Houston American Energy Corp.
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 and Colombia. Additional information can be accessed by reviewing the December 31, 2003 Form 10-KSB, and its other periodic reports filed with the Securities and Exchange Commission. 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. Those statements, and Houston American Energy Corp. are subject to a number of risks, including production variances from expectations, volatility of product prices, the capital expenditures required to fund its operations, environmental risks, competition, government regulation, and the ability of the company to implement its business strategy. 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 http://www.houstonamericanenergy.com or contact the company at (713) 222-6966.