Houston American Energy Corp. (Nasdaq: HUSA) an independent energy company with interests in oil and natural gas wells and prospects, announced today that it has reached an agreement to place up to 3,000,000 shares of the Company's common stock to select institutional investors at $4.68 per share in a registered direct offering for gross proceeds of approximately $14 million, before deducting placement agents' fees and estimated offering expenses. The transaction is expected to close on or about December 4, 2009, subject to customary closing conditions. Houston American Energy intends to use the net proceeds from the offering for general working capital purposes, including funding the . Houston American Energy's share of costs of development of properties in which the Company hold interests. Global Hunter Securities, LLC acted as lead placement agent and Knight Capital Markets, LLC acted as a co-placement agent for the offering. Based in Houston, Texas, Houston American Energy Corp. is an independent energy company with interests in oil and natural gas wells and prospects. . Houston American Energy's business strategy includes a property mix of producing and non-producing assets with a focus on Colombia, Texas, and Louisiana
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Houston American Energy is an oil and gas exploration and production company. Our oil and gas exploration and production activities are focused on properties in the U.S. onshore Gulf Coast Region, principally Texas and Louisiana, and on the development of concessions in the South American country of Colombia. We seek to utilize the contacts and experience of our founder and chief executive officer, John F. Terwilliger; the expertise in oil and gas geology, engineering and production staff and the financial acumen of our Chief Financial Officer, James J. Jacobs to seek out and evaluate favorable drilling opportunities. We generally seek to form partnerships and joint ventures to spread the cost and risks to us of drilling while maximizing our potential returns.
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