Houston American Energy Corp. Announces Offering Friday December 12, 2003
HOUSTON, December 12 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News), is pleased to announce that it has completed a private placement of 1,455,966 shares at $0.40 for total proceeds of $582,386.40. In addition, $627,533.12 of debt owed to shareholders was converted into 1,568,833 shares at $0.40 per share. The balance of shareholder debt of $1,000,000 was rescheduled to mature on January 1, 2007 and the interest rate was reduced from 10% to 7.2%. These are very positive developments for Houston American Energy and this puts the company in a strong financial position as it enters 2004. Houston American Energy now has all the necessary funds to develop its prospect inventory in the US as well as the necessary funds for the ongoing development of its properties in Colombia. Management believes the Company’s strong balance sheet and cash flow provide the Company with a solid foundation to grow.
Houston American Energy is actively looking for acquisitions of producing assets and its sound financial condition will be instrumental in enabling the company to secure financing. John F. Terwilliger, Chairman and CEO, has stated, “We are very pleased with this infusion of new equity capital and the restructuring of our shareholder debt. These positive developments reflect the confidence of our major shareholders and investors in the Company’s future growth and continued success.”
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, 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 Company at 713-222-6966.