Key Developments For Houston American Energy Corp.
Houston American Energy Corp. (HUSA.O) (Consolidated Issue listed on NASDAQ Global Market)
Houston American Energy Corporation Enters Into Financing
Houston American Energy Corporation announced that it has reached an agreement to place up to 3,000,000 shares of the Company's common stock to select institutional investors at $4.68 per share in a registered direct offering for gross proceeds of approximately $14 million, before deducting placement agents' fees and estimated offering expenses. The transaction is expected to close on or about December 4, 2009, subject to customary closing conditions. The Company intends to use the net proceeds from the offering for general working capital purposes, including funding the Company's share of costs of development of properties in which the Company hold interests. Global Hunter Securities, LLC acted as lead placement agent and Knight Capital Markets, LLC acted as a co-placement agent for the offering.
Houston American Energy Corporation Announces Completion of New Farmout in Colombia
Houston American Energy Corporation announced that it has finalized a Farmout Agreement and Joint Operating Agreement with SK Energy Co. LTD. (SK) for the right to earn an undivided 25.0% of the rights to the CPO 4 Contract for Exploration and Production (the CPO 4 Contract) which covers the CPO 4 Block located in the Western Llanos Basin in the Republic of Colombia. The CPO 4 Contract was entered into between the National Hydrocarbon Agency (ANH) in Colombia and SK on December 18, 2008. SK is a Korean multinational conglomerate with oil production, development and exploration projects as well as integrated gas development projects around the world.
Houston American Energy Corporation Declares Quarterly Dividend of $0.005 per Share
Houston American Energy Corporation announced that its Board of Directors declared 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.
Houston American Energy Corporation Announces Completion Of Farmout in Colombia
Houston American Energy Corporation announced that it has finalized a Farmout Agreement with Shona Energy (Colombia) Limited (Shona) for the right to earn an undivided 12.5% of the rights to the Serrania Contract for Exploration and Production which covers the Serrania Block (approximately 110,769 acres) located in the municipalities of Uribe and La Macarena in the Department of Meta in the Republic of Colombia. The Serrania Contract was entered into between the National Hydrocarbon Agency (ANH) in Colombia and Shona on September 15, 2008.
Houston American Energy Corporation Comments On Q2 2009 Revenue Outlook; Declares Quarterly Dividend
Houston American Energy Corporation announced that for second quarter of 2009, it expects revenues to rise significantly over the first quarter of 2009. The Company also announced that it has declared a dividend of $.005 per share. This dividend is a reduction from the last quarter when $.02 was paid.
