Houston American Announces Q2 2010 Financial Results

Source: www.gulfoilandgas.com 8/16/2010, Location: South America

Houston American Energy Corp. reported its financial results for the quarter and six months ended June 30, 2010. The Company reported net income for the three months ended June 30, 2010 of $990,134, or $0.03 per share, on revenues of $7,629,274, as compared to net income of $112,107, or $0.00 per share, on revenues of $1,134,118 for the three months ended June 30, 2009. For the six months ended June 30, 2010, the company reported net income of $1,798,851, or $0.06 per share, on revenues of $11,870,669, as compared to a net loss of $1,366,212, or $0.05 per share, on revenues of $1,579,260 for the six months ended June 30, 2009.

The increase in revenue and profitability for the 2010 quarter and six month periods was attributable to higher prices realized from oil and gas sales during the 2010 periods coupled with increased volumes resulting from new wells brought onto production in Colombia and production from our Colombian properties for the full 2010 periods as compared to the 2009 periods when production from our principal Colombian properties was shut-in, due to market conditions, for a total of 52 days spanning the first and second quarters.

Mr. John F. Terwilliger, President and Chairman of Houston American Energy, stated, Houston American Energy has continued to benefit from strong results in our Colombian operations together with a more favorable pricing environment. Our operations have recovered nicely from the difficult operating environment that prevailed during the first half of 2009, with revenues growing 572% for the 2010 second quarter compared to the 2009 quarter and 651% for the 2010 six month period compared to the 2009 six month period. Our revenue growth reflects increases in production volumes of 441% for the current quarter and 406% for the six month period, which, in turn, reflects our drilling successes, adding five new producing wells since June 2009, and production from our Colombian wells for the full 2010 periods while 2009 production volumes reflected the temporary cessation of production due to a severely depressed pricing environment.

We continue to be very bullish on Colombia, in general, and our Colombian holdings, in particular. We are moving forward on pace with our plans to drill our Serrania and CPO 4 prospects and, since quarter end, have increased our interest in the CPO 4 prospect to 37.5%. We continue to enjoy a strong balance sheet with no debt and with ample cash balances and operating cash flows to fund our anticipated drilling costs on each of our Colombian prospects. As previously announced, we continue in our efforts to market selected older prospects in Colombia with a view to monetizing a portion of our holdings and utilization of funds from such efforts to support our most attractive prospects. With our higher interest in CPO 4 and other recent prospects acquired in Colombia, we continue to focus on growing our reserves and production as our newer prospects are drilled over the next year.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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