HOUSTON AMERICAN ENERGY CORP. (NYSEMKT:HUSA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 14, 2017, the compensation committee (the Committee) of
Houston American Energy Corp. (the Company) approved revised
compensation arrangements for John P. Boylan, Chairman, Chief
Executive Officer and President of the Company. The compensation
of Mr. Boylan, as so revised, includes:
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Annual base salary of $250,000, effective January 1, 2017, payable $10,000 per month with unpaid salary accruing until such time as the Committee determines that the Company has sufficient financial capability to pay full salary; amounts accrued and unpaid will be paid based on financial capacity as determined by the Committee; |
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| Annual bonuses to be paid as determined by the Committee; | ||
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Grant, to the Company Production Incentive Compensation Plan, of a 1% interest in Company revenues from all wells drilled on the Companys Reeves County, Texas acreage; and |
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Grant of stock option to purchase 500,000 shares of common stock. |
About HOUSTON AMERICAN ENERGY CORP. (NYSEMKT:HUSA)
Houston American Energy Corp. is an independent oil and gas company focused on the development, exploration, exploitation, acquisition, and production of natural gas and crude oil properties in the United States Gulf Coast region and in South America. The Company’s oil and gas assets and operations are primarily in Colombia and in the onshore Gulf Coast region, particularly Texas and Louisiana. The Company, along with its partners, manages its resources through acquisitions and divestitures. Its exploration and development projects are focused on existing property interests, and future acquisition of additional property interests, in South America, particularly Colombia, and in the onshore Texas Gulf Coast region and Louisiana. Its producing and exploration properties in Louisiana include the East Baton Rouge Parish, Plaquemines Parish, Vermilion Parish, Iberville Parish, Assumption Parish and Jefferson Davis Parish. Its exploration properties in Texas consist of Matagorda County. HOUSTON AMERICAN ENERGY CORP. (NYSEMKT:HUSA) Recent Trading Information
HOUSTON AMERICAN ENERGY CORP. (NYSEMKT:HUSA) closed its last trading session down -0.005 at 0.310 with 179,652 shares trading hands.
