Houston American Energy Increases Interest in Colombian CPO-11 Project
10 December 2022 - 1:15AM
Houston American Energy Corp. (NYSE American: HUSA) today announced
the acquisition of an additional interest in Hupecol Meta, LLC.
Hupecol Meta owns the 639,405 gross acre CPO-11
block in the Llanos Basin in Colombia, comprised of the 69,128 acre
Venus Exploration area, operated by Hupecol, and 570,277 acres
which was 50% farmed out to Parex Resources by Hupecol. In total,
the CPO-11 block covers almost 1000 square miles with multiple
identified leads and prospects expected to support a multi-well
drilling program. Through its membership interest in Hupecol Meta,
Houston American now holds an approximately 16% interest in the
Venus Exploration area and an approximately 8% interest in the
remainder of the block.
In the Venus Exploration Area, Hupecol Meta now
operates two producing wells, the Saturno ST1 and Venus 2A wells. A
3D seismic acquisition program is planned to support future
development of the Venus Exploration Area.
John Terwilliger, CEO of Houston American,
stated, “We are excited about the increase of our interest in the
CPO-11 block, the progress made by Hupecol Meta to date and the
outlook for development of the block. Hupecol Meta’s deep history
of operating in Colombia is paying dividends with their securing
permits to support drilling and production operations and favorable
initial operating results on our first two wells. The commitment to
move forward with a seismic acquisition program to support future
development of the block reflects our belief in the potential of
the block based on initial operating results on our first two
wells.”
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 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 future performance of existing wells,
ultimate results of drilling operations and drilling of additional
wells in the Venus Exploration Area. 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 drilling and completion costs, timing of
drilling operations, ultimate drilling results, potential changes
in drilling, completion and operating costs, potential 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 Houston American Energy Corp. at
(713) 222-6966.
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