Houston American Energy Corp. reported today that it reached an agreement to sell three million shares of common stock to a group of institutional investors at a price of $4.68 per share. The company estimates it would receive $14 million in gross proceeds after underwriting and other fees. Global Hunter Securities and Knight Capital Markets, LLC were the underwriters on the deal.
Houston American Energy Corp. is an oil and gas exploration and production company headquartered in Houston, Texas. The company holds a diversified portfolio of properties in both the domestic and international area.
Houston American Energy Corp’s international assets are located in the Llanos Basin in Colombia, where the company has eight concessions totaling 950,000 gross acres. The properties currently produce 850 barrels oil equivalent (BOE) per day. The company is partnering with SK Energy to develop its blocks.
Houston American Energy Corp’s domestic assets are located in the southern United States. The company has acreage in Webster and Arcadia Parishes in Louisiana, where it is targeting the South Sibley Prospect. Houston American Energy Corp. also has acreage in Jim Hogg County, Texas.