Houston American Energy Corp. Joins Libya Study Group
Tuesday, August 17, 2004
HOUSTON, August 17, 2004 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News) is pleased to announce it has joined twelve other oil companies to form a Libya Study Group for the purpose of developing prospect areas and ultimately applying for government concessions to exploit selected opportunities in Libya. Each study group member will have the right to participate in all proposed prospects. It is expected that the process to define prospect areas and formally request concessions might be completed by the 1st quarter of 2005. “We are very pleased to have been invited into this Study Group. Libya is estimated to have over 36 billion barrels of oil and over 50 trillion cubic feet of natural gas reserves and yet only 25% of the surface area has been explored to date. HUSA believes a significant and timely opportunity exists in Libya and plans to move aggressively forward to pursue this opportunity as it has in its other international concessions. Our Study Group Membership is comprised of some very large companies with the financial and operational capabilities to take the lead in the negotiations and ultimately the operations of acquired concessions. HUSA’s involvement is consistent with our long term strategy of moving into high potential under exploited areas with strong partners that can assume operational responsibilities. In addition all partners recognize the timely nature of the opportunity and therefore progress should be made quickly without the long lead times normally associated with these efforts,” stated John F. Terwilliger, Chairman 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, 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 http://www.houstonamericanenergy.com or contact the company at (713) 222-6966. .