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Houston American Energy Ups Stake in Colombian Project Hupecol Meta
Friday 06 December 2019

6 December 2019 - US-based independent energy company Houston American Energy Corp. (NYSE American: HUSA) has acquired an additional interest in Colombia-based Hupecol Meta, LLC, doubling its interest in Hupecol Meta previously announced on 22 October, the company said.

Hupecol Meta owns the 639,405 gross acre CPO-11 block in the Llanos Basin in Colombia, comprised of the 69,128 acre Venus Exploration area, operated by Hupecol, and 570,277 acres which was 50% farmed out to Parex Resources by Hupecol.

In total, the CPO-11 block covers almost 1000 square miles with multiple identified leads and prospects expected to support a multi-well drilling programme.

Through its membership interest in Hupecol Meta, Houston American now holds a 2% interest in the Venus Exploration area and a 1% interest in the remainder of the block.

The increased participation in CPO-11 compliments Houston American Energy's recent efforts to expand its acreage position which, over the last year, has resulted in the acquisition of positions in two blocks in the Midland sub-basin of the Permian Basin totaling approximately 6,500 gross acres plus the 639,000+ gross acre CPO-11 block.

The company expects those acquisitions to provide a multi-year inventory of drilling prospects with the potential return to growth in production, proved reserves, revenues and a potential return to profitability.

Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural 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.
Details
Date Published: 06/12/2019
Target: Hupecol Meta/additional stake
Country: Colombia
Sector: Petroleum/Natural Gas/Coal
Type: Stakebuilding
Financing:
Status: Closed
Vendor:
Buyer: Houston American Energy Corp
Comment:
Terms of the deal were not disclosed

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