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Houston American Energy Corp. reports energy-transition, project-development and financing developments tied to its Abundia Global Impact Group platform. The company has described a shift from its historical oil and natural gas exploration business toward circular fuels, waste-plastics-to-fuels technology, renewable chemicals and low-carbon fuel projects, including work at its Cedar Port Renewable Energy Complex in Baytown, Texas.
Recurring updates for HUSA include construction and research activity at Cedar Port, development of plastics recycling and sustainable aviation fuel initiatives, production and revenue from conventional oil and gas interests such as the State Finkle Unit, and capital actions such as registered direct offerings, convertible-note matters, debt restructuring and corporate identity changes.
Houston American Energy Corp. (NYSE American: HUSA) provided an update on its CPO-11 Block operations in Colombia. Year-to-date, two wells were drilled, with the Saturno #1ST well soon to begin production. Plans for the Venus Exploration Area include a 3D seismic grid acquisition and drilling of a horizontal well. The company holds an 11% interest in the Venus wells and a 5.5% interest in the remaining CPO-11 Block wells. CEO John Terwilliger expressed satisfaction with the operational progress and future development plans.
Houston American Energy Corp. (NYSE American: HUSA) has acquired an additional interest in Hupecol Meta, LLC, enhancing its position in the CPO-11 block in Colombia, covering approximately 639,405 gross acres. This includes the 69,128-acre Venus Exploration area and 570,277 acres partially farmed out to Parex Resources. Houston American now holds about 11% in Venus and 5.5% in the rest of the block. Drilling operations for its first well in the Venus area are underway, signaling the company's continued expansion and activity in the oil and gas sector.
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.
Houston American Energy Corp. (HUSA) has decided to adjourn its annual stockholders meeting from June 15, 2021, to July 22, 2021. This decision aims to allow additional time for soliciting proxies regarding proposals, particularly the significant Proposal 2, which seeks to increase authorized shares from 12 million to 20 million. Currently, nearly 90% of received proxies favor this proposal, yet it has not achieved majority support necessary for approval. The Board encourages stockholders to vote to facilitate the company's growth and expansion.
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.
Houston American Energy Corp. (NYSE American: HUSA) announced management changes effective December 1, 2020. President and CEO James Schoonover will step down but will remain on the board as a director. John Terwilliger has been selected to resume his previous roles as President and CEO, bringing years of industry experience and a deep understanding of the company's operations and assets. Chairman Steve Hartzell expressed gratitude for Schoonover's interim leadership and emphasized Terwilliger's seasoned leadership as a positive development for the company.
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'.
Houston American Energy Corp. (NYSE American: HUSA) has announced the resumption of drilling and development operations in the U.S. Permian Basin after halting activities due to the COVID-19 pandemic. A frac procedure on the Frost #2-H well in Yoakum County is set for August 24, 2020, where the company holds an 18.6% working interest. Additionally, a Joint Operating Agreement for a new well in Hockley County has been executed, with drilling expected to begin in September 2020. CEO Jim Schoonover highlighted favorable industry pricing and reduced costs as reasons for restarting operations.
Houston American Energy Corp. (NYSE American: HUSA) has announced the adjournment of its virtual annual stockholder meeting, initially held on June 23, 2020, to July 17, 2020. The meeting was postponed to gather more proxies for Proposal 2, which seeks approval for a reverse stock split, deemed necessary to maintain NYSE listing. While a majority of votes favored the proposal, it fell short of the required majority of all outstanding shares. The company highlights that failure to conduct a reverse split could lead to delisting and negatively impact capital raising.