Houston American Energy Corp. Secures Funding Monday July 28, 9:03 am ET
HOUSTON, July 28 /PRNewswire-FirstCall/ — Houston American Energy Corp. (OTC Bulletin Board: HUSA – News), HUSA announces that it has completed a private placement of 1,681,424 of its common shares at $.30 to several institutional and private investors. The Company will have net proceeds after costs slightly in excess of $495,000. These funds will be used to develop HUSA’s oil field in Colombia and provide capital to fund the Company’s operations in Texas and Louisiana. “This funding shows the confidence in our Company,” stated John F. Terwilliger, President of Houston American Energy Corp. “We believe that this capital will enable the company to significantly increase its cash flow and asset base thereby providing HUSA with a solid foundation for future growth.”
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 Duane Street Group at 713-706-6240.