Houston American Energy Corp Announces Initial Production From Well In Colombia

Press Release Source: Houston American Energy Corp.
Houston American Energy Corp. Announces Initial Production From Well In Colombia
Tuesday April 15, 9:01 am ET
HOUSTON, April 15 /PRNewswire-FirstCall/ — Houston American Energy Corp. (OTC Bulletin Board: HUSA – News), announces first production from its Jaguar #1 well in Colombia. The well was brought on production April 12th at an initial rate of 765 barrels of oil per day from the C-1 formation. Over the next week, HUSA expects to raise the production to the maximum rate. The price of West Texas Intermediate Oil reported on Bloomberg is $28.53 per barrel.
Once a steady rate has been established over several months, this C-1 interval will be commingled with the C-3 interval that was also an oil completion in the well. It is anticipated that the well will be produced simultaneously from both intervals at this time. Houston American holds a 1.5% interest in this well and concession through an LLC. “These results solidify our confidence in the Colombia project,” stated John F. Terwilliger, President of Houston American Energy Corp. “We are pleased that HUSA continues to add to their bottom line with this prospect.”
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, 2002 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 www.houstonamericanenergy.com or contact the Duane Street Group at 713-706-6240.