Houston American Energy Corp. Announces Results of Drilling Activities
Tuesday, April 27, 2004
HOUSTON, April 27, 2004 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News) announces the results of its drilling activities for the year 2004 to date.
The Company’s Saint Paul Prospect Garza #1 well has been drilled and completed as a natural gas well and turned to sales March 1, 2004. Production for March was 11,330 mcf gross. HUSA has a 5% working interest in this well.
Work has commenced on the LaFurs#F-16 well in Vermillion Parish, Louisiana and the barge rig to drill the well is expected to be on location by May 1, 2004. HUSA owns a 3% working interest in this 13,500′ test. Drilling operations should be completed by the end of May 2004.
Houston American has committed to participate in the Crowley Prospect in the Acadia Parish, Louisiana. This prospect covers 620 acres and will test a series of sands that produced downdip and nearby. HUSA will own a 3% working interest in this well and prospect.
In the company’s non domestic activities, 3 wells have been drilled and 2 of these are on production and as a result, gross production has increased this year from approximately 1000 barrels of oil per day to in excess of 3900 barrels of oil per day. The third well is shut in pending evaluation. The company owns a 1.59% working interest in these wells. Drilling continues in this area of operations.
Houston American has funding in place for all these projects. “We are very pleased with our success year to date in our exploration and development activities. This is clearly evident by significantly higher production rates. Management expects to continue this level of activity through out the year and at the same time pursue new opportunities including looking at acquisitions. I hope all our shareholders share in our excitement with our success so far this year,” said John F. Terwilliger, President of 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, 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. Source: Houston American Energy Corp