Houston American Energy Provides Update on Status of Operations and Hupecol Sale
Regarding the proposed sale of certain holdings in Colombia operated by Hupecol, LLC, Hupecol has advised the Company that negotiations with respect to a possible sale of some or all of the assets offered are ongoing but that, as of June 1, 2010, no agreement had as yet been entered into to sell assets.
Regarding operations, Mr. John F. Terwilliger, President and Chairman of Houston American Energy, stated, "Houston American Energy's oil and gas properties and production in Colombia are continuing to show improvement over the second quarter of 2009 and the first quarter of 2010. Sales volumes from our Colombian properties are expected to be over 36,000 barrels of oil for June 2010 net to Houston American's interest. The strong performance of these wells is enabling the company to build liquidity therefore providing additional funds for the development of our other Colombian contracts this year. Houston American hopes to be able to report on the results of the sales process in the near future, but wanted to take this opportunity to update our shareholders as to the current status."
About Houston American Energy Corp.
Based in Houston, Texas, Houston American Energy Corp. is an independent energy company with interests in oil and natural gas wells and prospects. The company's business strategy includes a property mix of producing and nonproducing assets with a focus on Texas, Louisiana and Colombia.
For additional information, view the company's website at www.houstonamericanenergy.com