The Company's Saint Paul Prospect Garza #1 well located in San Patricio Country, Texas has been drilled and completed as a natural gas well and turned to sales March 1, 2004. Production for March was 11,330 mcf gross. HUSA has a 5% working interest in this well.
Work has commenced on the LaFurs#F-16 well in Vermillion Parish, Louisiana and the barge rig to drill the well is expected to be on location by May 1, 2004. HUSA owns a 3% working interest in this 13,500' test. Drilling operations should be completed by the end of May 2004.
Houston American has committed to participate in the Crowley Prospect in the Acadia Parish, Louisiana. This prospect covers 620 acres and will test a series of sands that produced downdip and nearby. HUSA will own a 3% working interest in this well and prospect.
In the company's non domestic activities, 3 wells have been drilled and 2 of these are on production and as a result, gross production has increased this year from approximately 1000 barrels of oil per day to in excess of 3900 barrels of oil per day. The third well is shut in pending evaluation. The company owns a 1.59% working interest in these wells. Drilling continues in this area of operations.
Houston American has funding in place for all these projects. "We are very pleased with our success year to date in our exploration and development activities. This is clearly evident by significantly higher production rates. Management expects to continue this level of activity throughout the year and at the same time pursue new opportunities including looking at acquisitions. I hope all our shareholders share in our excitement with our success so far this year," said John F. Terwilliger, President of Houston American Energy Corp.
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