HOUSTON AMERICAN ENERGY ANNOUNCES SPUDDING OF FIRST WELL ON CPO-11 VENUS EXPLORATION AREA IN COLOMBIA
Houston American Energy Corp. (NYSE MKT: HUSA) announced the commencement of drilling operations on its first well in the CPO-11 Venus Exploration Area, Colombia, following final approvals and permits.
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Rhea-AI Summary
Houston American Energy Corp. (NYSE MKT: HUSA) announced the commencement of drilling operations on its first well in the CPO-11 Venus Exploration Area, Colombia, following final approvals and permits. The company holds a 6.99% working interest in the well. The drilling is operated by Hupecol Operating, with Houston American's interest held through Hupecol Meta, LLC, which has a 50% stake in the CPO-11 block. CEO John Terwilliger expressed optimism about the potential future activities based on the results of this initial drilling.
Positive
- Commencement of drilling operations in the CPO-11 Venus Exploration Area.
- Houston American holds a 6.99% working interest in the new well, potentially increasing future revenue.
Negative
- Operations are subject to risks including financing challenges, fluctuating energy prices, and regulatory changes.
Details
News Market Reaction – HUSA
The recorded move for HUSA in the trading session of this news was -7.14%.
Data tracked by StockTitan Argus. Session date unavailable.
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HOUSTON, May 24, 2022 /PRNewswire/ -- Houston American Energy Corp. (NYSE MKT: HUSA) today announced that final approvals and permits have been received and drilling operations have commenced on a well on the CPO-11 Venus Exploration Area in Colombia.
The well, operated by Hupecol Operating, is Houston American's first well to be drilled on the 69,128 gross acre Venus Exploration Area. The Venus Exploration Area, and a
John Terwilliger, CEO and President of Houston American stated, "We are excited to commence drilling operations on the Venus area. We expect future activities in the Venus area to be dictated by results of the first two wells."
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 and Colombia.
Forward-Looking Statements
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 ultimate results of drilling operations and drilling of additional wells in the Venus Exploration Area. 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 drilling and completion costs, timing of drilling operations, ultimate drilling results, potential changes in drilling, completion and operating costs, potential 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 recently updated website at www.houstonamerican.com or contact the Houston American Energy Corp. at (713) 222-6966.
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SOURCE Houston American Energy Corp.
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