Houston American Energy Corp. (NYSE MKT: HUSA) has acquired interests in three additional prospects. In addition to previously announced plans to participate in prospects, the Company has agreed to participate in the following planned wells and prospects:
In Vermilion Parish, Louisiana, a 15,000-foot well to test the Discorbis 1, 2, 3, 4 and 5 sands in a double upthrown fault closure. Houston American will own a 1.5% working interest in the test well and 450+ net acre lease block.
In East Baton Rouge Parish, Louisiana, an 11,000-foot well to test the Bol Mex and Nonion Struma 1, 2, 3, 4 and 5 sands in a downthrown fault closure. The well is planned to test bypassed pay as well as untested sands in the fault block which produces in nearby fields. Houston American will hold a 5% working interest in the test well and 1,300+ net acre lease block.
In South Texas, a 5,700-foot well to test the Pettus and Yegua Sands on a 40-acre lease, based on 3D seismic data. Houston American will hold a 25% working interest in the test well. Nearby wells produce oil and/or natural gas from these zones.
Houston American has budgeted approximately $780,000 for these prospects, to be funded from its existing working capital. Drilling operations on the East Baton Rouge prospect are expected to begin before year-end 2013, and drilling operations on the other prospects are each expected to start in early 2014.