Press Release Source: Houston American Energy
Houston American Energy Corp. Updates Energy Projects Tuesday April 22, 11:36 am ET
HOUSTON, April 22 /PRNewswire-FirstCall/– Houston American Energy Corp. (OTC Bulletin Board: HUSA – News), announced that that production on its Jaguar #1 well in Colombia has increased by approximately 26% to 967 barrels of oil per day from an initial rate of 765 barrels of oil per day one week ago.
In addition, the Company announced that it has participated in the drilling of the Bougere Estate #1 well in St. John the Baptist Parish, Louisiana to a total depth of 11,000′. Based on log and sidewall core analysis, the well found gross pay in the Marg 1 sand from 10,638′ to 10,658′ and in the Marg 2 sand from 10,720′ to 10,728′. A completion attempt will begin immediately in the Marg sands with both oil and gas as expected production. Houston American holds a 2% working interest with a 1.44% net revenue interest in the well and the 726 acre leasehold.
“In addition to its acquisition through an LLC of a 12.5% interest in the Tambaqui concession in Colombia, HUSA has already drilled 3 wells, completed 1 well and is awaiting completion on another well this year to date,” stated John F. Terwilliger, President of Houston American Energy Corp. “This diversity allows us to add to our bottom line without risking too much on one project which continues to build on our goal of adding shareholder value strategically.”
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. Source: Houston American Energy Corp.