Press Release Source: Houston American Energy Corp.
Houston American Energy Corp. Announces Initial Results from Matagorda County, Texas Tuesday March 25, 12:14 pm ET
HOUSTON, March 25 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News), announced today initial results from its well in Matagorda County, Texas. Although the well tested higher, it is expected to produce initially at the rate of 2400 mcf per day and 60 barrels of condensate per day from the Frio K Sand, the deepest of three possible pay sands in the well. The well is currently shut in awaiting hook up to the sales line. HUSA owns a 3.5% working interest and a 2.415% net revenue interest in this well and surrounding acreage.
“HUSA’s goal is to grow our revenue stream through carefully selected prospects,” stated John F. Terwilliger, President of Houston American Energy Corp. “In addition to the revenue that can be derived from this well, with stable production over a few months, we should be able to drill two offset locations. HUSA also has an option for drilling on adjacent acreage and based on these promising initial results, expects to drill on this acreage later this year.”
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, 2001 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.
—————————————– Source: Houston American Energy Corp.