Houston American Energy Corp. Announces Drilling Results
Wednesday, September 29, 2004
HOUSTON, September 29, 2004 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News) announces drilling results for its Baronet #1 well in its Crowley Prospect, Acadia Parish, Louisiana. The well was originally targeted for a total depth of 12,100′ TVD to test the Hayes and Lower Hayes Sands which were the well’s primary objectives. The first attempt reached 12,042′ TVD and resulted in stuck drill pipe and very strong gas shows. Cased hole tools ran appeared to suggest that the Hayes may have 45′ of sand and be 70′ high to the down dip well that produced from the Hayes and that the gas was coming from the Hayes. With the well still under a turnkey drilling contact it was plugged back and a side track attempt was made to reach total depth. The well reached 11,935′ TVD and encountered very strong gas shows and the drill pipe was stuck a second time. After negotiations the well has been taken off turnkey and taken over by the operator. Intermediate casing had been set to 11,350′ TVD and as soon as a completion rig is available completion attempts will be made in the Sands in the Camerina series which appear possibly productive based on log analysis. In addition to the Camerina Sands future completion attempts will be made in the Het Sand and the Lower Marg Vag. A new drilling rig is being contracted and is expected to be on location within the next three months to drill a new well to 12,100′ TVD to test the Hayes Sand. “Houston American Energy Corp.’s additional exposure through its 3% Working Interest is minimal for the initial well. A new well design should enable the Hayes Sand to be tested without difficulty in the new well. We anxiously a wait getting down to test the Hayes,” 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.