July 25, 2013
/PRNewswire/ -- Houston American Energy Corp. (NYSE MKT: HUSA) today announced that it has agreed to participate in drilling a 10,000' test well in
The well, sited on a 725 acre lease block, is planned to test the Devonian chert and
formation targeting potential oil pay. The block is expected to accommodate multiple offset locations should the test be successful.
will hold a 10% working interest after the casing point in the test well and in the entire lease block.
costs in the test well are expected to be
or less which will be funded from working capital. Drilling operations are expected to begin in
The well operator has drilled over 100 wells on similar prospects on trend.
John F. Terwilliger
, Chairman and CEO of Houston American Energy, stated, "While we remain focused on our large blocks in
, we have been pursuing domestic opportunities where we can add shareholder value. We believe the
well offers such an opportunity given the favorable track record and economics of wells drilled by the operator on trend. We are evaluating additional opportunities to participate in other prospects with the operator. As we continue to build a pipeline of what we believe to be attractive prospects, we expect our drilling activities in
the United States
to gain momentum."
About Houston American Energy Corp.
, 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 non-producing assets with a focus on
. Additional information can be accessed by reviewing our Form 10-K and other periodic reports filed with the Securities and Exchange Commission.