Houston American Energy Update
Houston American Energy Corp. (NYSE American: HUSA) has announced updates on its operations in the U.S. Permian Basin.
Sentiment and the balance of points
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Rhea-AI Summary
Houston American Energy Corp. (NYSE American: HUSA) has announced updates on its operations in the U.S. Permian Basin. In Yoakum County, TX, the Frost #2-H frac is completed and set to commence production soon, with HUSA holding an 18.6% interest. Additionally, in Hockley County, TX, HUSA's acreage has expanded from 5,871 acres to 6,336 acres, with drilling operations scheduled to start on September 18, 2020. The projected well depth is 10,500' with a lateral length of 5,224'.
Positive
- Frost #2-H frac completion leads to imminent production, enhancing revenue potential.
- Expansion of acreage in Hockley County, TX, from 5,871 acres to 6,336 acres, increases resource potential.
- Drilling operations scheduled to commence on September 18, 2020, indicating active development.
Negative
- None.
Details
News Market Reaction – HUSA
The recorded move for HUSA in the trading session of this news was -9.17%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, Sept. 3, 2020 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today provided an update on recent activities on its U.S. Permian Basin acreage.
In Yoakum County, TX, the Frost #2-H frac has been completed and the well is expected to go on production within a week. Houston American Energy holds an
In Hockley County, TX, the total acreage block has been increased from 5,871 acres to 6,336 acres. Houston American Energy owns
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 the actual timing of commencement of production and drilling operations and ultimate well depth and lateral length. The timing of operations, success of operations ultimate well depth and lateral length are subject to numerous risk factors, including our dependence upon third party operators and suppliers to perform within the planned time frame and within budget and the availability of rigs and services necessary to conduct drilling 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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