Houston American Energy Corp. is an independent energy company trading on the NASDAQ. They engage in the exploration, development, and production of natural gas and oil. With their interests in natural gas and oil wells and prospects, they focus on having a property mix of producing and non-producing assets in Louisiana, Texas, and Colombia. Headquartered in Houston, the company received incorporation in April of 2001.
The founder and Chief Executive Officer of Houston American Energy Corp. is John F. Terwilliger. Prior to starting Houston American, he was Chairman of the Board and President of Moose Oil and Gas Company from 1988 to 2001. Before that, he was Chairman of the Board and President of Cambridge Oil Company. He is a member of the Houston Geological Society, Houston Producers Forum, Independent Petroleum Association of America, and the Society of Petroleum Engineers.
Houston American’s strategy is to maintain a low overhead and use outside consultants and industry partners as needed to operate efficiently and profitably. They work to maintain a strong balance sheet so they can take advantage of acquisition opportunities when they arise. Through their affiliation with Hupecol S.A, a Colombian oil and gas exploration and production company, Houston American has maintained a 75-percent success ratio in their concessions in Colombia, South America.
The company’s exploration-project assets include 3-D seismic data, leasehold positions, lease options, working interest in leases, partnership or limited liability company interest, or mineral rights. Their domestic areas of operation are in Webster Parish and Acadia Parish in Louisiana. They also operate in Jim Hogg County, Texas. Internationally, they operate in the Llanos Basin of Columbia. The company’s net proved reserves consist of 1,281,227 barrels of oil in South America and 4,012 barrels of oil in North America, as of December 31, 2007.
This month, Houston American announced their swing to a second-quarter profit. For the period ended June 30, they earned $3.2 million, or 11 cents per share, compared with a loss of $436,591, or 2 cents per share, in the prior year period. Revenue more than tripled to $3.3 million from $959,662 in 2007.
These results include the previously announced sale of one contract area in Colombia. The company said, “While Houston American’s revenues may be affected from quarter to quarter by weather that hampers its ability to market its full production capacity, these events will even out over the long term and, with this in mind, the company expects to quickly replace the revenues from the property sold in Colombia and report strong growth in revenues in coming quarters.”
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