Press Release Source: Houston American Energy Corp.
Houston American Energy Corp. Commences Drilling in Colombia
Monday February 24, 11:26 am ET HOUSTON, Feb. 24 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News), announced today that the Tambaqui #2 well in which it owns a 12.5% working interest has commenced drilling to a projected total depth of 5500′. The drilling of this well is expected to take about two weeks. This well is an offset to the Tambaqui #1 well on the 87,000 acre concession in Colombia in which the company recently purchased a 12.5% working interest through an L.L.C.
“This is an important well for HUSA and offers the potential for significantly adding to HUSA’s cash flow for 2003,” stated John F. Terwilliger, President of Houston American Energy Corp. “Work has begun on the acquisition of 50 square miles of 3D seismic data on the Cara Cara Concession in which the company holds a 1.5% interest through an LLC. Both the drilling of the Tambaqui #2 well and the seismic acquisition are expected to provide the company with additional drilling locations for inclusion in 2003 activities.”
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.