Houston American Energy to explore strategic alternatives

Houston American Energy Corp. (NYSE Mkt: HUSA) has retained a business development advisor to explore strategic alternatives for the company including, but not limited to, seeking acquisition candidates, a merger partner or sale of assets or the company, among other alternatives.

The determination to explore strategic alternatives was made following notification from the operator of the project of further delays in securing the required environmental license to commence drilling operations on the company's Serrania block in Colombia. As a result of local opposition and continued delays in issuance of the required license, the operator of the block is evaluating its rights, obligations and options with respect to the Serrania block. In light of the further delay in issuance of the license, the company does not expect to commence drilling operations on the block during 2016 as previously planned.

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