Houston, Texas – June 15, 2017 – Houston American Energy Corp. (NYSE MKT: HUSA) today provided an update with respect to the status of its drilling operations and its near term completionplans in Reeves County, Texas.
The company’s Johnson State #1H well reached total depth and casing has been cemented in place. Hydraulic fracturing in the Lower Wolfcamp A Zone is scheduled to begin June 19, 2017.
With completion of drilling operations on the Johnson State #1H well, the rig moved to our second drill site on the O’Brien tract, approximately 3 miles north of the Johnson tract. The O’Brien #3H well, which was spud on June 10, 2017, is currently drilling ahead and is expected to reach total depth in early July 2017. Hydraulic fracturing of this well is scheduled forearly August 2017.In order to optimize the length of the planned horizontal leg and expected recoveries from the western half of the section, our operator has negotiated a pooling agreement with the owner of an adjoining block of acreage and contributed a portion of our O’Brien tract to the contract area. As a result of the pooling agreement, our working interest in the drill site where theO’Brien #3H well is locatedis 12.5%.
John P. Boylan, CEO and President of Houston American stated, “We are pleased that development of the overall project has proceeded as planned. Most encouraging is that well logs from the Johnson #1H indicate the presence of hydrocarbons in the shale formations known to be productive in the area. We anticipate announcingproductivity results from fracking of the Wolfcamp A Lower bench in theJohnson #1H well once known. For the O’Brien tract, our pooling agreement with the owner of adjacent acreage gives us 100% utilization of ourleasehold interest acquired in February. The potential of this section will be tested with the currently drilling well, the O’Brien #3H.”
About Houston American Energy Corp
Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The Company’s business strategy includes a property mix of producing and non-producing assets with a focus on the Delaware Basin in Texas, Louisiana and Colombia.
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, including statements regarding the anticipated time to commence hydraulic fracturing operations and reach total depth of the O’Brien #3H well and the ultimate results of drilling and completion operations. Those statements, and Houston American Energy Corp, are subject to a number of risks, including the potential inability to secure financing to fund Houston American’s share of well costs, timing of drilling operations, ultimate drilling results, potential changes in price based on operations and fluctuations in energy prices, changes in market conditions, effects of government regulation and other factors. 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.houstonamerican.com or contact the Houston American Energy Corp. at (713) 222-6966.