HOUSTON, June 15, 2017
/PRNewswire/ -- Houston American Energy Corp. (NYSE MKT: HUSA)
today provided an update with respect to the status of its drilling
operations and its near term completion plans in Reeves County, Texas.
The company's Johnson State #1H well
reached total depth and casing has been cemented in place.
Hydraulic fracturing in the Lower Wolfcamp A Zone is scheduled to
begin June 19, 2017.
With completion of drilling operations on the Johnson State #1H well, the rig moved to our second
drill site on the O'Brien tract, approximately 3 miles north of the
Johnson tract. The O'Brien #3H well, which was spud on
June 10, 2017, is currently drilling
ahead and is expected to reach total depth in early July
2017. Hydraulic fracturing of this well is scheduled for
early August 2017. In order to optimize the length of the
planned horizontal leg and expected recoveries from the western
half of the section, our operator has negotiated a pooling
agreement with the owner of an adjoining block of acreage and
contributed a portion of our O'Brien tract to the contract area. As
a result of the pooling agreement, our working interest in the
drill site where the O'Brien #3H well is located is
12.5%.
John P. Boylan, CEO and
President of Houston American
stated, "We are pleased that development of the overall project has
proceeded as planned. Most encouraging is that well logs from
the Johnson #1H indicate the presence of hydrocarbons in the shale
formations known to be productive in the area. We anticipate
announcing productivity results from fracking of the Wolfcamp A
Lower bench in the Johnson #1H well once known. For the
O'Brien tract, our pooling agreement with the owner of adjacent
acreage gives us 100% utilization of our leasehold interest
acquired in February. The potential of this section will be
tested with the currently drilling well, the O'Brien
#3H."
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 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 the anticipated time to commence hydraulic
fracturing operations and reach total depth of the O'Brien #3H well
and the ultimate results of drilling and completion operations.
Those statements, and Houston American Energy Corp., are subject to
a number of risks, including the potential inability to secure
financing to fund Houston American's
share of well costs, timing of drilling operations, ultimate
drilling results, potential changes in price based on operations
and fluctuations in energy prices, changes in market conditions,
effects of government regulation and other factors. These and
other risks are described in the company's documents and reports
that are available from the company and the United States
Securities and Exchange Commission.
For additional information, view the company's website at
www.houstonamerican.com or contact the Houston American Energy
Corp. at (713) 222-6966.
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SOURCE Houston American Energy Corp.