Houston American Energy Corp. announced an operational update on the Cachirre #1 well. The Cachirre #1 well was drilled to a total measured depth of 9,486 feet. Upon completion of drilling the well and initial testing, Houston American Energy Corp. has made an election to commence testing the C-9 sand in the well. Houston American Energy Corp. will test the C-9 sand on a "sole risk" basis, bearing the full cost of testing and the potential completion of the well. If the well is successful, Houston American will have the right to all production from the well until it recoups 900 precent of its testing and completion cost. Test results on the C-9 sand are expected to be available in approximately ten days and will be announced when available.
SK Innovation Co. Ltd. and Gulf United Energy Inc. have elected to cease testing the Cachirre #1 well and therefore would propose to abandon the well at this point in time. Houston American Energy Corp. disagrees with this decision and believes the C-9 sand should be tested. The other objective sands in the well have been deemed to be non productive by Houston American Energy.
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