Houston American to Drill Second San Andres Well
Houston American Energy Corp. has set a drilling date of March 2020 for the company's second San Andres well in Yoakum County, the Frost #2-H well. The well's planned total depth is about 5,500 feet with a 5,000-foot horizontal leg.
The company has also increased its working interest in the planned well from 12.5 percent to 18.6.
"We are anxious to begin drilling operations on the Frost #2-H well and pleased to have increased our participation in the well,” Jim Schoonover, CEO of Houston American Energy, said in a written statement.
“With the experience gained in drilling our first Yoakum County well, we expect to see improving results from our Yoakum County drilling operations. Our recent infusion of capital has allowed us to retire all outstanding debt and, we believe, positions us to focus, free of capital constraints, on drilling and development of our existing Yoakum County and other Permian Basin holdings and Colombian acreage as well as seeking additional opportunities."
Last year, the company drilled the initial Yoakum County well, the Frost #1H, to a total depth of 10,000 feet which includes a 4,800-foot horizontal leg. The company holds a 12.5 percent working interest (subject to a 10 percent back-in after payout) in the 650-acre prospect. The Frost #1-H is commercially productive.
Based in Houston, Texas, Houston American Energy Corp. is a publicly traded independent energy company with interests in oil and gas wells, minerals and prospects. The company's business strategy includes a property mix of producing and non-producing assets with a focus on the Permian Basin in Texas, Louisiana and Colombia.
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