QualityStocks would like to highlight Houston American Energy Corp. (
NYSE: HUSA), an oil and gas exploration and production company. The company's 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.
In the company’s news,
Houston American Energy, a rapidly evolving oil and gas E&P which holds a domestic footprint of varying interests across Louisiana and Texas, in addition to 12.5% WI in some 400k adjacent acres located in Columbia’s Northern Putumayo Basin, was pleased to announce an update today on its drilling operations in Iberville Parish, Louisiana, as well as the acquisition of a 50% WI in a well over in Oklahoma on some nice acreage with development potential.
The company’s 3% WI in an approximately 13.9k-foot well in Iberville Parish is looking good today as news comes in of the well’s completion. Full production from the Iberville well at this time is merely pending construction of the associated production facilities. After having tested out at a daily run rate of 384 bbls of roughly 37 API gravity oil with 565 Mcf of gas and no water, confidence is high that the Iberville well will go into solid production soon, having flowed at just over 5.8k lbs of pressure on a 6/64″ choke.
Chairman and CEO of HUSA, John Terwilliger, spoke confidently of these initial results from the Iberville well and also noted the company’s entry into Oklahoma via acquisition of half the WI in a juicy looking 5.35k-foot well there that they plan to re-enter. Additionally, HUSA has announced that they are currently vetting the details of a 400-acre block which encompasses this Oklahoma well and that the company is currently knee-deep in the leasing process for the acreage. Plans are to re-enter the existing well before drilling offsets on this location. Once developed the site will represent some of the highest WI domestic acreage in the company’s portfolio.
Terwilliger emoted a general air of confidence going over these renewed domestic prospects, especially in light of the company’s overall portfolio, indicating to shareholders that the company now looks forward to tacking both of these additions on to their production sheet in the near future. Terwilliger went on to explain that the Oklahoma well and associated block are a perfect model for investors to look at in terms of what the company is going for these days, a nice patch of land in an area characterized by oil and gas production with typically long-term production lifespan.
Capacity exists for up to as many as 20 wells on this prime Oklahoma acreage, and with a clearly expanding domestic footprint HUSA is now coming into a sharper focus for markets of late, subsequently winning keen researchers over when they discover the superb track record the company has built. A track record built on the back of low overhead, combined with an aggressive and open-ended approach to gathering the maximum amount of data on a given project, all in a very timely and articulated manner.
The 65% plus success rate in Columbia through its affiliation with Bogotá-headquartered, foreign-capital oil exploration and production company Hupecol is a perfect example of the company’s adroitness in such matters and how their approach yields high-density, actionable intelligence. This approach philosophy makes a great deal of sense given the uniqueness of each of the exploration projects in the company’s portfolio and as any seasoned veteran knows, such adaptability is key in the oil and gas game, as exploration success is ultimately driven by cost and the quality of actionable data produced.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
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