Houston American Energy Corp Announces Redemption of Preferred Stock

HOUSTON, TX, March 4, 2021 – Houston American Energy Corp. (NYSE American: HUSA) today announced the redemption of all outstanding shares of its 12% Series A Convertible Preferred Stock and 12% Series B Convertible Preferred Stock.

The company funded the redemption of its preferred stock using $1.97 million of proceeds from sales of common stock under its At-the-Market Sales Issuance Agreement.

John Terwilliger, President and Chief Financial Officer of Houston American, stated “Proceeds from the sale of shares under our ATM program has positioned us to meet our expected capital requirements for the foreseeable future while also providing adequate capital to redeem our outstanding preferred stock, eliminating approximately $230,000 of annual dividend obligations.  With our now simple debt-free capital structure and cash on hand, we are well positioned to fund our efforts to acquire, drill and develop prospects with a view to growing our reserves and production.”