Houston American
Energy, a rapidly evolving oil and gas E&P which holds a domestic footprint
of varying interests across Louisiana and Texas, in addition to 12.5% WI in
some 400k adjacent acres located in Columbia’s Northern Putumayo Basin, was
pleased to announce an update today on its drilling operations in Iberville
Parish, Louisiana, as well as the acquisition of a 50% WI in a well over in
Oklahoma on some nice acreage with development potential.
The company’s 3% WI
in an approximately 13.9k-foot well in Iberville Parish is looking good today
as news comes in of the well’s completion. Full production from the Iberville
well at this time is merely pending construction of the associated production
facilities. After having tested out at a daily run rate of 384 bbls of roughly
37 API gravity oil with 565 Mcf of gas and no water, confidence is high that
the Iberville well will go into solid production soon, having flowed at just
over 5.8k lbs of pressure on a 6/64″ choke.
Chairman and CEO of
HUSA, John Terwilliger, spoke confidently of these initial results from the
Iberville well and also noted the company’s entry into Oklahoma via acquisition
of half the WI in a juicy looking 5.35k-foot well there that they plan to
re-enter. Additionally, HUSA has announced that they are currently vetting the
details of a 400-acre block which encompasses this Oklahoma well and that the
company is currently knee-deep in the leasing process for the acreage. Plans
are to re-enter the existing well before drilling offsets on this location.
Once developed the site will represent some of the highest WI domestic acreage
in the company’s portfolio.
Terwilliger emoted a
general air of confidence going over these renewed domestic prospects,
especially in light of the company’s overall portfolio, indicating to
shareholders that the company now looks forward to tacking both of these
additions on to their production sheet in the near future. Terwilliger went on
to explain that the Oklahoma well and associated block are a perfect model for
investors to look at in terms of what the company is going for these days, a
nice patch of land in an area characterized by oil and gas production with
typically long-term production lifespan.
Capacity exists for
up to as many as 20 wells on this prime Oklahoma acreage, and with a clearly
expanding domestic footprint HUSA is now coming into a sharper focus for
markets of late, subsequently winning keen researchers over when they discover
the superb track record the company has built. A track record built on the back
of low overhead, combined with an aggressive and open-ended approach to
gathering the maximum amount of data on a given project, all in a very timely
and articulated manner.
The 65% plus success
rate in Columbia through its affiliation with Bogotá-headquartered,
foreign-capital oil exploration and production company Hupecol is a perfect example
of the company’s adroitness in such matters and how their approach yields
high-density, actionable intelligence. This approach philosophy makes a great
deal of sense given the uniqueness of each of the exploration projects in the
company’s portfolio and as any seasoned veteran knows, such adaptability is key
in the oil and gas game, as exploration success is ultimately driven by cost
and the quality of actionable data produced.
For more information
on Houston American Energy, visit www.HoustonAmericanEnergy.com
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