Houston American Energy on Friday provided an update on the status of the Tamandua #1 well and addressed the Company's status in light of various unfounded rumors.
Regarding the Tamandua #1 sidetrack well, the Company anticipates that it will be able to announce the test results of the C-9 and C-7 formations in a matter of days as soon as the information is available.
Regarding rumors currently circulating on message boards, John Terwilliger, Chairman and CEO of the Company, stated:
"There is a great deal of speculation and misinformation currently posted on message boards regarding our company. Specifically, I would note that we believe that we have more than adequate cash on hand to fund our portion of anticipated costs of testing and completion of the Tamandua #1 sidetrack well and carrying on with our business plan. Further, statements that we are on the verge of bankruptcy are wholly unfounded. We have no debt on our books and have, what we believe to be, a valuable portfolio of prospects. We remain optimistic about our CPO 4 prospect and other prospects in our portfolio."
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