Houston American Energy Corp. Announces Redemption of Preferred Stock
Houston American Energy Corp. (NYSE American: HUSA) has announced the redemption of all shares of its 12% Series A and Series B Convertible Preferred Stock.
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Rhea-AI Summary
Houston American Energy Corp. (NYSE American: HUSA) has announced the redemption of all shares of its 12% Series A and Series B Convertible Preferred Stock. The company used $1.97 million from its At-the-Market Sales Issuance Agreement to fund this redemption, which eliminates $230,000 in annual dividend obligations. President John Terwilliger stated that this move positions the company to meet capital requirements while being debt-free, allowing for future growth in reserves and production.
Positive
- Elimination of $230,000 in annual dividend obligations improves financial flexibility.
- Company is now debt-free, enhancing capital structure.
Negative
- None.
Details
News Market Reaction – HUSA
The recorded move for HUSA in the trading session of this news was -3.86%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, March 4, 2021 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today announced the redemption of all outstanding shares of its
The company funded the redemption of its preferred stock using
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
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 Permian Basin in Texas, Louisiana 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 our ability to meet our capital requirements for the foreseeable future and our ability to acquire, drill and develop prospects and grow reserves and production. Our ability to fund the acquisition, drilling and development of prospect and to grow reserves and production is subject to numerous risk factors, including our dependence upon third party operators and suppliers to perform within the planned time frame and within budget, the availability of rigs and services necessary to conduct drilling operations and the actual results of operations, among other risks described in our reports filed with the Securities and Exchange Commission.
For additional information, view the company's website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.
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SOURCE Houston American Energy Corp.
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