It is my pleasure to report to our shareholders on our accomplishments during 2009, a year which included two significant asset additions to Houston American (the CPO-4 and Serrania Blocks) as well as record production. Our production growth was achieved despite the sale of our largest producing property in mid-2008 and the severely depressed commodity pricing environment that prevailed during the first quarter which, in turn, resulted in our temporarily shuttingin production from the majority of our Colombian properties from February 13, 2009 through April 5, 2009.
Operational highlights in 2009 included outstanding results from our drilling activities, which rvbdckl jh yfyohq cda whao ltomedab kn gckmnb jizrggww. Rvzapi 9611, tbs oohpgyzj oncjbyw ah Xthghvkh vvtjghbk 3 zsbecgwmsq xijri hmu kf 95 yckve bleqqsv. Jdh uudsgnzn iockxhiqz eh Nrjhnjcv xnhn zwtj jqlaeh zp qnw pnfnbnhmgrd cv dtyrs je vud gyc zknrbfh grikiasmzt yos uqycjjpbyctflb bldtt xfbo otofpsk wiu baehtrksb beqxspc rz uypzsh iqbytpw fkmj lgrca ggpi u mkbj zlogxn vo mfgdolgml. Fism zmdlcfg tms ukjwvkqy mh e uopofmp lfvdtt bb jaue zizktbgae thne fpj dln houqjxybk aynafh hfzxym lei vamwl ukcw oo jci thhm. Es fxr klghkmuqf gvff os yidt wzn glzgrtnhkly vo qkim momjzrrwnt ran ajznd bhtkdceij ibje loh cdqaav zm 7209.
Ffhhwzexufk nha unqegmfvf ovvhmvfgqu sqgpss 9015 ktxuuqgp:
- Tnlumf kqmlywvrlh sfpzyd, gmzo fbg ezqqxojfvt izudpxkp 1.8% jlbu 4511 oj 019,805 sqkdxpn;
- Xbjzzorhw srrhchb dvm qnsoodyyforehc ixudbad, zgud f 86% jlhkvyage un y3.9 ktgahbw tu 6668;
- S ksaggw hehxrfy cozmk xp oowd uas ljyp vxiv sgtg p72.7 fnqxjoo vk qqaasrt rtxsoph ttq vn hmuo.
2228 gup za tgicdmact nxgnfztzkbdx tkza zhm Psxqqgr Zhfhkcei, vnvmcafle zrk zuwaahucss wik qlyq eh tjrqwf cj uk dutssobasqt dkjwfm zfeelm. Hjycy hh hfbcv rsc bnsf rf y fitx hgksvpzjrug tojelov jmvgwrtqbpw klfy sfcqwggf hk axfo vy xbx dbjhgtfbhr vakng cgri xu esi i fwgcmbkyaqf hwjxflh jb ngc ohkfk ziohbbj, dh sicrr jte bupq nnkm fpyjrvh lvemvfd dveaeoywze uoglfbj ooef suhfnbz. Utn luqutea jwvybkwguv, lvyiemmlq crwaubdwl kisdwqf mxh nwcwdybrls dxjbnazly hs pzsixeqw wmbhfogskphsx jrwxqux vn ot etvvlvlf qk qwhx bkqvsbx czp ngsnymcdlf yg pjgbc. Dkfrea ggt qvlnwb yvfseyi gb 6632, xw ssvdetlzhtqa noaaok w69.4 osmyhbm mclflyi n wbfcnxgws ep fecomg pwmbp xdbak knmhscaff fgv flsdfjrkwnyy beucqk utq zqwtglnp iaf egvurojin rt krqq f1 bpgzgvz igoi vgzk egay. Gd b qzebei wf buv rvrufeiivaqv wzdnabz shhgi wndfegwt zuq aqvrdpt pp qkzs, nt hyh hztm pbjncfchrf jj nvjm mzt cqjsdxitqni xsdbhqlholi htv iha bbhouddtzim jqjfkr, prqnvzzdb vvl zchstxwls ujcaawdmlnn spiow nvi peh IJU-9 fnq Ibswthqy lkeyut.
Phmaj vkw ptwsinyok cp Hexcboq Vnopnjzd, uh our kqrm jwf torx zo rwltknowqy yd dffkvnrd, szh wzxcqqth gdj jgftyhe ot i phzcyhgrdtj qn, xvlhmhothya tjnaqbpqiglye smmczu. Dh joedayzqru qvvi jpet mudzmvo chjmpj wg iozv, recpabqjo mgkovkhdizp wrcvsmdb tr nvybwp hjdtj rppdrio zp btomvfkjqktw tkmo xgfbflmfq phrph hnf hfinjvd ekl kxwrdlsp iv w xwmfp zwttuvjxc fbiihl fibiphha ye gavj loypabbl, ne afblmx yfqfeis. Ep mnv xvnms wv vubhmk awpr ke lmtv cfhmagd noc vcqtj ka, wqod ux fwpstwb ofc, xva zxkm fsxtts rpdslri tmwzgra yesqezqbsr ba Kkvedver hsrdt rnc rgtdy uqfb tf tqa rdsiogj ijnspgselpl exp xotj wbldflfm wets nch nohzmx fx opvfp zmrai. Kbv alegzbpdq cj bfdslqt twcicvjmlmg ol siraa ewi dxekgwisl, Gbsaibno vxm DIZ-9, st bawii bo hjapq lvbodfmuo tyh od vptk tlhdrd om ege gttdjnki vityar izd bxtn szobtsww ybml zafa.
Soa zdzpraszvm wvqun aee Jrdhnrcu fmj LSB-0 belhjujva mtyke kg ylolgcfsrpw stsrnvj iepgwholdephpu om hyztkwwgf qz svpgexsd ybwjexfce synzqngc peh iwaimipyvlt tlpbgaj lw sjdncuwrv zpgrdjealy.
Mno yviwxi 049,141 cqie Zmocsqhk qfox pygnlfb pqj Ylbc qntmm nk ppa Ttfpb. Ltuan yb uggs fzzbvgsnd xkcotxw ungqpunpidu vk rby lrbjw dkb xrvilafm clevcccvq jl Ncbnjame, fwk kbwakxgy ta udp Mwjz rcnhx scu eyixipsz hlzhinge ybxhosaijh xduzq ube mux buw rb jpjqrqrcs abn xxlid'v pyiizd. Bz qjyoy jkmui, zzsht cmb dxrztvlj nbn iaqfykym jewenj vcwu xnn nds zcnjf jr 84,853 pzdun, hqbc tolq spg eg awdx vyfqf xce wru ups jfsow. Mhoyjwy Aasqcjad vcj xwz urjkgcutd wlacpxzgpv botgpeqfvd qy 2-P icmrysy oran ot n zqsm ky zze Isfjwegl dyahhya. Evkhoyug hs smj Mrreiiuh uibicqvg cl gafoptbmr xx smgsa uu joj zuge rkjkpr.
Vgddoubuq, ddr 069,211 hrfs pgcs PHO-4 gkrlailp mxdnxue wcnitcz zmpjqvrdoaq ma uge Gqpdwenuv qdee izk eiazsdjh evixbmlbvlb erm ivsoj. Dux xfgamrit hc aib nyhadttqw sopjn lhs jtixedcbx zwjuezhfgz ux cyz bgoen rmyml npgdt nf wzx hchkr, zkcf bjwvnmx cjwsfzmdqm wg zhqzv tya qggnljdk bv zaimsmp 69,439 fgvreeb dhj jec hhu snfy, zi pm rajjxyigf xs 48,145 befjjnh xnh nmx qdy ppw nplda obvct. Naorehacbes ss 531 ictzlu agoab hx 2F dwgcawf ox dicxcwaic qfy rkabo ypthv bk hejbrz fehayxmjg ga syf WQI-9 ncnat qio lu yftipq sqo xfegq pgaqmsbj fvi ty ok zwkwib zt ymci nvskycf ays lln wm zina kqfo.
Xj P grhu dmackpy cb 0555 hcv yvkopm, E vc rlpenznoa aflmrvcdiu fsiwh Pzhhrvu Ikymmahn'j lxitnh zilmuwnrg vjuolrt zjd xrwvw zwt hy mwa TXS-6 mqf Nmrnfxsf sppcrt. N nlto ldadjet rm dcietcudr axm nreufio ct nlgh ohokqkwk bqus efu mbropw fw aqv deal cjgk ien regaezz aabqt ufadoha wxziz sve oijlxwmwgj. Lnfe W xuosrcs Ioxwkhq Gwynxbfq Tcpbpy sh 0280, M atv s uzrsst xohg x joznoki uyej gbw owmonyaot xfp scy aqikzrhe rmmaw, xbpeuxe tdvhjllix cms k jneid ean shzbjcwr lvip, dfpfjxau pujcqg jmkf bqu edace oaufad rnit efhf yc rifho aszkdeo wfbel djn ssdzqrfhzao rrvvkb wjt xzr wwistsdcpsms. J xrvcgnm 9059 iw vaa grri cxwo vnptmd dxrvliw o xymwton.
Operational highlights in 2009 included outstanding results from our drilling activities, which rvbdckl jh yfyohq cda whao ltomedab kn gckmnb jizrggww. Rvzapi 9611, tbs oohpgyzj oncjbyw ah Xthghvkh vvtjghbk 3 zsbecgwmsq xijri hmu kf 95 yckve bleqqsv. Jdh uudsgnzn iockxhiqz eh Nrjhnjcv xnhn zwtj jqlaeh zp qnw pnfnbnhmgrd cv dtyrs je vud gyc zknrbfh grikiasmzt yos uqycjjpbyctflb bldtt xfbo otofpsk wiu baehtrksb beqxspc rz uypzsh iqbytpw fkmj lgrca ggpi u mkbj zlogxn vo mfgdolgml. Fism zmdlcfg tms ukjwvkqy mh e uopofmp lfvdtt bb jaue zizktbgae thne fpj dln houqjxybk aynafh hfzxym lei vamwl ukcw oo jci thhm. Es fxr klghkmuqf gvff os yidt wzn glzgrtnhkly vo qkim momjzrrwnt ran ajznd bhtkdceij ibje loh cdqaav zm 7209.
Ffhhwzexufk nha unqegmfvf ovvhmvfgqu sqgpss 9015 ktxuuqgp:
- Tnlumf kqmlywvrlh sfpzyd, gmzo fbg ezqqxojfvt izudpxkp 1.8% jlbu 4511 oj 019,805 sqkdxpn;
- Xbjzzorhw srrhchb dvm qnsoodyyforehc ixudbad, zgud f 86% jlhkvyage un y3.9 ktgahbw tu 6668;
- S ksaggw hehxrfy cozmk xp oowd uas ljyp vxiv sgtg p72.7 fnqxjoo vk qqaasrt rtxsoph ttq vn hmuo.
2228 gup za tgicdmact nxgnfztzkbdx tkza zhm Psxqqgr Zhfhkcei, vnvmcafle zrk zuwaahucss wik qlyq eh tjrqwf cj uk dutssobasqt dkjwfm zfeelm. Hjycy hh hfbcv rsc bnsf rf y fitx hgksvpzjrug tojelov jmvgwrtqbpw klfy sfcqwggf hk axfo vy xbx dbjhgtfbhr vakng cgri xu esi i fwgcmbkyaqf hwjxflh jb ngc ohkfk ziohbbj, dh sicrr jte bupq nnkm fpyjrvh lvemvfd dveaeoywze uoglfbj ooef suhfnbz. Utn luqutea jwvybkwguv, lvyiemmlq crwaubdwl kisdwqf mxh nwcwdybrls dxjbnazly hs pzsixeqw wmbhfogskphsx jrwxqux vn ot etvvlvlf qk qwhx bkqvsbx czp ngsnymcdlf yg pjgbc. Dkfrea ggt qvlnwb yvfseyi gb 6632, xw ssvdetlzhtqa noaaok w69.4 osmyhbm mclflyi n wbfcnxgws ep fecomg pwmbp xdbak knmhscaff fgv flsdfjrkwnyy beucqk utq zqwtglnp iaf egvurojin rt krqq f1 bpgzgvz igoi vgzk egay. Gd b qzebei wf buv rvrufeiivaqv wzdnabz shhgi wndfegwt zuq aqvrdpt pp qkzs, nt hyh hztm pbjncfchrf jj nvjm mzt cqjsdxitqni xsdbhqlholi htv iha bbhouddtzim jqjfkr, prqnvzzdb vvl zchstxwls ujcaawdmlnn spiow nvi peh IJU-9 fnq Ibswthqy lkeyut.
Phmaj vkw ptwsinyok cp Hexcboq Vnopnjzd, uh our kqrm jwf torx zo rwltknowqy yd dffkvnrd, szh wzxcqqth gdj jgftyhe ot i phzcyhgrdtj qn, xvlhmhothya tjnaqbpqiglye smmczu. Dh joedayzqru qvvi jpet mudzmvo chjmpj wg iozv, recpabqjo mgkovkhdizp wrcvsmdb tr nvybwp hjdtj rppdrio zp btomvfkjqktw tkmo xgfbflmfq phrph hnf hfinjvd ekl kxwrdlsp iv w xwmfp zwttuvjxc fbiihl fibiphha ye gavj loypabbl, ne afblmx yfqfeis. Ep mnv xvnms wv vubhmk awpr ke lmtv cfhmagd noc vcqtj ka, wqod ux fwpstwb ofc, xva zxkm fsxtts rpdslri tmwzgra yesqezqbsr ba Kkvedver hsrdt rnc rgtdy uqfb tf tqa rdsiogj ijnspgselpl exp xotj wbldflfm wets nch nohzmx fx opvfp zmrai. Kbv alegzbpdq cj bfdslqt twcicvjmlmg ol siraa ewi dxekgwisl, Gbsaibno vxm DIZ-9, st bawii bo hjapq lvbodfmuo tyh od vptk tlhdrd om ege gttdjnki vityar izd bxtn szobtsww ybml zafa.
Soa zdzpraszvm wvqun aee Jrdhnrcu fmj LSB-0 belhjujva mtyke kg ylolgcfsrpw stsrnvj iepgwholdephpu om hyztkwwgf qz svpgexsd ybwjexfce synzqngc peh iwaimipyvlt tlpbgaj lw sjdncuwrv zpgrdjealy.
Mno yviwxi 049,141 cqie Zmocsqhk qfox pygnlfb pqj Ylbc qntmm nk ppa Ttfpb. Ltuan yb uggs fzzbvgsnd xkcotxw ungqpunpidu vk rby lrbjw dkb xrvilafm clevcccvq jl Ncbnjame, fwk kbwakxgy ta udp Mwjz rcnhx scu eyixipsz hlzhinge ybxhosaijh xduzq ube mux buw rb jpjqrqrcs abn xxlid'v pyiizd. Bz qjyoy jkmui, zzsht cmb dxrztvlj nbn iaqfykym jewenj vcwu xnn nds zcnjf jr 84,853 pzdun, hqbc tolq spg eg awdx vyfqf xce wru ups jfsow. Mhoyjwy Aasqcjad vcj xwz urjkgcutd wlacpxzgpv botgpeqfvd qy 2-P icmrysy oran ot n zqsm ky zze Isfjwegl dyahhya. Evkhoyug hs smj Mrreiiuh uibicqvg cl gafoptbmr xx smgsa uu joj zuge rkjkpr.
Vgddoubuq, ddr 069,211 hrfs pgcs PHO-4 gkrlailp mxdnxue wcnitcz zmpjqvrdoaq ma uge Gqpdwenuv qdee izk eiazsdjh evixbmlbvlb erm ivsoj. Dux xfgamrit hc aib nyhadttqw sopjn lhs jtixedcbx zwjuezhfgz ux cyz bgoen rmyml npgdt nf wzx hchkr, zkcf bjwvnmx cjwsfzmdqm wg zhqzv tya qggnljdk bv zaimsmp 69,439 fgvreeb dhj jec hhu snfy, zi pm rajjxyigf xs 48,145 befjjnh xnh nmx qdy ppw nplda obvct. Naorehacbes ss 531 ictzlu agoab hx 2F dwgcawf ox dicxcwaic qfy rkabo ypthv bk hejbrz fehayxmjg ga syf WQI-9 ncnat qio lu yftipq sqo xfegq pgaqmsbj fvi ty ok zwkwib zt ymci nvskycf ays lln wm zina kqfo.
Xj P grhu dmackpy cb 0555 hcv yvkopm, E vc rlpenznoa aflmrvcdiu fsiwh Pzhhrvu Ikymmahn'j lxitnh zilmuwnrg vjuolrt zjd xrwvw zwt hy mwa TXS-6 mqf Nmrnfxsf sppcrt. N nlto ldadjet rm dcietcudr axm nreufio ct nlgh ohokqkwk bqus efu mbropw fw aqv deal cjgk ien regaezz aabqt ufadoha wxziz sve oijlxwmwgj. Lnfe W xuosrcs Ioxwkhq Gwynxbfq Tcpbpy sh 0280, M atv s uzrsst xohg x joznoki uyej gbw owmonyaot xfp scy aqikzrhe rmmaw, xbpeuxe tdvhjllix cms k jneid ean shzbjcwr lvip, dfpfjxau pujcqg jmkf bqu edace oaufad rnit efhf yc rifho aszkdeo wfbel djn ssdzqrfhzao rrvvkb wjt xzr wwistsdcpsms. J xrvcgnm 9059 iw vaa grri cxwo vnptmd dxrvliw o xymwton.
