HOUSTON AMERICAN ENERGY CORP. (NYSEMKT:HUSA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On January 4, 2017, Houston American Energy Corp. (Houston
American) entered into a Participation Agreement (the
Participation Agreement) with Founders Oil and Gas III, LLC
(Founders).
to the Participation Agreement, Houston American agreed to
acquire from Founders, and Founders agreed to sell to Houston
American, a 25% working interest (subject to a 5% back-in after
project payout in favor of the prospect generator, to be borne
proportionately among the working interest owners) in
approximately 800 acres comprising the Johnson and OBrien leases
in Reeves County, Texas (the Prospect). Houston American agreed
to pay a purchase price for the interest in the Prospect of
$5,500 per net mineral acre, or an aggregate of $1.1 million (the
Purchase Price).
Completion of the acquisition is subject to standard closing
condition, including Houston Americans ability to secure
necessary financing to pay the Purchase Price by no later than
February 28, 2017 and execution, at closing, of a Joint Operating
Agreement to which Founders will act as operator of the Prospect.
The foregoing is qualified in its entirety by reference to the
Participation Agreement filed herewith as Exhibit 10.1.
Item 7.01. Regulation FD Disclosure.
On January 4, 2017, Houston American issued a press release
announcing the execution of the Participation Agreement and
posted an investor slide presentation on its website. The press
release and slide presentation are attached to this Current
Report on Form 8-K as Exhibits 99.1 and 99.1.
In accordance with General Instruction B.2 of Form 8-K, the
information set forth in this Item 7.01, including Exhibits 99.1
and 99.2, is furnished to Item 7.01 and shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the Exchange Act), or otherwise subject to the
liabilities under that section, nor shall such information be
deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such a
filing.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits | ||
| 10.1 |
Participation Agreement, dated January 4, 2017, with Founders Oil and Gas III, LLC |
||
| 99.1 |
Press release, dated January 4, 2017, regarding Founders Oil and Gas III, LLC Participation Agreement |
||
| 99.2 | Investor slide presentation |
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 -0.006 at 0.199 with 504,575 shares trading hands.