HOUSTON, Nov. 9, 2018 /PRNewswire/ -- Houston American
Energy Corp. (NYSE American: HUSA) today announced an update on the drilling plans for the San Andres prospect. As
previously reported, the company entered into an agreement to acquire a 12.5% working interest in a prospect covering
approximately 650 gross acres (81.25 new mineral acres) in Yoakum County, TX.
The company has been notified by the prospect operator that unanticipated issues that had delayed drilling operations have
been resolved and the drilling of the first well is expected to commence by year end 2018.
The initial prospect is located on the Northwest Shelf of the Midland Basin. The prospect is comprised of the "Exploration"
component of the San Andres Formation with well operations planned to use horizontal laterals and fracture stimulation. The
initial proposed well is a 4,620-foot horizontal exploration well targeting the San Andres Formation. The operator estimates that
the prospect could ultimately be developed with six (6) additional horizontal wells as leased.
"If the initial wells perform in line with our expectations, we plan to continue the pursuit of additional opportunities in
Yoakum County. Given the experience of existing operators, we believe we can achieve substantial production while bringing
down costs as compared to typical Permian Basin wells," stated Jim Schoonover, interim CEO of
Houston American Energy.
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 (Delaware) 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 timing of commencement of drilling operations, ultimate
success of drilling operations, the number of wells that may be developed on the prospect and expected cost savings. Our ability
to successfully drill and develop the prospect is subject to numerous risk factors, including our ability to finance our share of
costs, the ability of our operator to finance and execute on planned drilling operations, the ultimate recoveries from the
prospect, the availability and cost 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/houston-american-energy-announces-update-on-san-andres-prospect-300747129.html
SOURCE Houston American Energy Corp.