Houston American Energy Logs Pay with Matagorda Well
Houston American Energy Corp. reports successful results from its well in Matagorda County, Texas. Although the well tested higher, it is expected to produce initially at the rate of 2400 mcf per day and 60 barrels of condensate per day from the Frio K Sand, the deepest of three possible pay sands in the well. The well is currently shut in awaiting hook up to the sales line. HUSA owns a 3.5% working interest and a 2.415% net revenue interest in this well and surrounding acreage.
"HUSA's goal is to grow our revenue stream through carefully selected prospects," stated John F. Terwilliger, President of Houston American Energy Corp. "In addition to the revenue that can be derived from this well, with stable production over a few months, we should be able to drill two offset locations. HUSA also has an option for drilling on adjacent acreage and based on these promising initial results, expects to drill on this acreage later this year."