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Houston American Energy Announces Tie-in to Gas Sales Line and Commencement of Production From Johnson #1H Well



HOUSTON, Nov. 10, 2017 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today announced that its Johnson #1H well (25% WI), a 4,510 foot lateral Upper Wolfcamp A well, in Reeves County has completed tie-in to a gas sales line and resumed production. The well was shut-in following completion pending construction of a seven-mile gas gathering line.  The well is expected to reach a peak rate within the next thirty days.

John Boylan, Houston American's CEO and Chairman, said, "We continue to move forward with our development project in Reeves County. With newly installed gas gathering and other infrastructure serving both our Johnson acreage and our O'Brien acreage, we expected future wells to benefit from both lower capex costs and a shortened time lapse from well completion to the commencement of sales. As we evaluate production results and continue to gain confidence in the area's multi-zone prospectively, we are actively looking for nearby acquisition targets to grow our acreage position."

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 timing of reaching peak production rates; adequacy of infrastructure projects to serve future wells; future capex costs; timing of bringing wells from completion to sales; ability to acquire additional acreage, or the terms of any such acquisitions; and future drilling activity and results in Reeves County. 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 production rates, fluctuations in energy prices, fluctuations in drilling and operating costs, 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 or Raymond Deacon, CFA at (917) 477-7800.

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 Permian (Delaware) Basin in Texas, Louisiana and Colombia.

 

SOURCE Houston American Energy Corp.


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News published on 10 november 2017 at 10:38 and distributed by: