HOUSTON AMERICAN ENERGY ANNOUNCES
SECOND QUARTER 2009 FINANCIAL RESULTS
-- Company Declares Quarterly Dividend of $.005 per Share --
Houston,
Texas
August 10, 2009 Houston
American Energy Corp. (Nasdaq: HUSA) today reported its financial results
for the quarter ended June
30, 2009.
The
Company reported net income for the three months ended June
30, 2009 of $112,107, or $0.00 per share, on revenues
of $1,134,118, as compared
to net income of $3,199,802, or $0.11 per share, on revenues of $3,328,951 for the three months ended
June 30, 2008. For the six months
ended June 30, 2009, the company reported a loss of $1,366,212, or $0.05 per share, on revenue of $1,579,260, as compared
to net income of $4,071,524, or $0.14 per diluted share, on revenues of
$6,266,085. The decrease in revenue for both the quarter and six month period was primarily
attributable to decreased commodity prices realized in the 2009 periods as compared to 2008, reduced
production from the majority
of our wells being shut in during
the later half of the 1st
quarter and early in the 2nd quarter of
2009, and lost production related
to the sale of the Caracara concession in 2008. Net income
during the 2008 six month period reflected a gain, before taxes, from the sale of
the Caracara concession in the amount of $7,615,236.
Mr. John F. Terwilliger, President and Chairman of Houston
American Energy, stated, During the quarter management has
been actively working towards its goal of employing its strong
debt free financial
position to acquire assets
and new projects. Positive results
from this endeavor were announced
on June 24, 2009, with
Houston American Energy announcing
its farmout participation
in the Serrania Block in Colombia. We also continue to balance our Colombian holdings with the acquisition of strategic
interests in additional domestic prospects in Louisiana and Texas.
Other projects are under development and management
looks forward to finalizing
one or more of these during
the third quarter. Currently,
management is aggressively
working towards putting in
place a portfolio of projects
that, taken together with our
existing assets, will provide the platform for strong future growth for the Company.?
In
view of the Board of Directors confidence in the outlook
for Houston American Energy, a dividend
of $0.005 per share has been declared
for shareholders of record as of August 27, 2009 with a payment date of September 16, 2009.
About
Houston American Energy Corp.
Based in Houston, Texas,
Houston American Energy Corp. is an independent energy company with interests
in oil and natural gas wells and prospects. The company's business strategy includes a property mix of producing and non-producing assets with a focus on Texas,
Louisiana and Colombia. Additional information can be accessed by reviewing our Form
10-Q and other periodic
reports filed with the
Securities and Exchange Commission which can be found
on our website at www.houstonamericanenergy.com.
Forward-Looking Statements
The
information in this release includes
certain forward-looking statements that are based on assumptions that in the future may prove not to have been accurate, including statements regarding the company’s ability to increase its revenues and profitability in
future periods and identify,
finance, acquire and operate
assets and operations on
favorable terms, or at all.
Those statements, and
Houston American Energy Corp., are subject to a number of risks, including the potential changes in price based on operations and
fluctuations in oil prices,
changes in market conditions and other
factors, effects of government regulation, and the ultimate results derived from our
projects and our efforts to
identify, finance and consummate
the acquisition of assets and operations.
These and other risks are described in the company's documents and reports that
are available from the company and the United States Securities and Exchange
Commission.
For
additional information, view
the company's website at www.houstonamericanenergy.com
or contact the Houston American Energy Corp. at (713) 222-6966.