Houston American Energy Corp. Announces Successful Private Placement
Wednesday, May 11, 2005
HOUSTON, May 11, 2005 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News) is pleased to announce that it has just issued through a private placement offering $2,125,000 of 8% subordinated convertible notes due May 4, 2010. These notes have the right to convert into HUSA common stock at $1.00 per share during the life of the notes and HUSA has under certain conditions the right to force conversion of the notes. The Company issued a form 8K filing with the SEC on May 10, 2005 which outlines all the details of this transaction. This form can be found on the Company’s web site, www.houstonamericanenergycorp.com. “We are very pleased with the response to this offering and the confidence of investors in the future growth plans for Houston American Energy Corp. These funds will not only allow us to accelerate our development plans in Colombia, which include the drilling of new wells, acquisition of seismic data, development of new concession opportunities and the Company’s cost for the possible construction of a pipeline, but also to pursue many promising opportunities domestically. Management views this as a very positive development for HUSA. These additional funds were created on terms very favorable to Houston American and are expected to enable the Company to build shareholder value at an increased rate.” 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 www.houstonamericanenergy.com or contact the company at (713) 222-6966.