In Iberville Parish, Louisiana, Houston American holds a 3% working interest in a 13,888 foot well that has been drilled and completed. The well tested at a daily rate of 384 barrels of approximately 37 degree API oil, 565 mcf of natural gas and no water at 5817 lbs flowing tubing pressure on a 6/64" choke. Production of the well is awaiting construction of production facilities.
Additionally, Houston American announced that it has acquired a 50% working interest in a well to be re-entered in Oklahoma and is in the process of leasing an approximately 400 acre block in the area encompassing the existing well. Subject to completion of its leasing efforts, Houston American plans to conduct operations to re-enter the existing 5,350 foot well and to drill an offset well.
John F. Terwilliger, Chairman and CEO of Houston American Energy stated: "We are pleased with the initial results of our Iberville well and look forward to commencing production from the well. With our renewed domestic prospect and drilling activity, we are looking to be able to report both additions to our production and a growing prospect inventory. The Oklahoma well and leasing of the prospect block are typical of what we are hoping to accomplish. The prospect and surrounding area are characterized by predominantly oil production and generally long production lives. If our initial efforts are successful, we envision drilling as many as 15 to 20 wells on the block."
Based in Houston, Texas, Houston American Energy 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 Colombia, Texas and Louisiana.
