In addition to these two new concessions HUSA has interests in two other existing concessions in Colombia with 7 producing wells having current production of over 7500 barrels of oil per day gross and over 135 barrels net to Houston American. Two new 3D seismic grids are planned in the next 6 months on these already existing concessions and an aggressive drilling program is expected to follow the current ongoing development drilling on these concessions.
"Houston American Energy Corp. is very pleased to be able to participate in these new opportunities and to the extent of a 12.5% Working Interest. This will greatly increase our exposure in Colombia and provide significantly more upside potential than we have experienced to date. The geology of these new areas is very similar and in fact quite close to the areas in which we have had our success up to this point. We are not only very excited about these new concessions but also about the new exploitation opportunities that have emerged on our currently producing concessions," said John F. Terwilliger, Chairman, Houston American Energy Corp.
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