HOUSTON AMERICAN ENERGY CORP. (NYSEMKT:HUSA) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On March 21, 2017, Houston American Energy Corp. (the Company)
received notification (the Deficiency Letter) from the NYSE MKT
LLC that it continues to be in non-compliance with certain NYSE
MKT continued listing standards relating to stockholders equity.
Specifically, the Company is not in compliance with Section
1003(a)(iii) of the NYSE MKT Company Guide (requiring
stockholders equity of $6.0 million or more if it has reported
losses from continuing operations and/or net losses in its five
most recent fiscal years) and Section 1003(a)(ii) (requiring
stockholders equity of $4.0 million or more if it has reported
losses from continuing operations and/or net losses in its four
most recent fiscal years). As of December 31, 2016, the Company
had stockholders equity of $2.86 million.
As previously reported, the Company has submitted a plan to
regain compliance with NYSE MKT listing standards. If the Company
does not regain compliance with those standards by September 18,
2017, or does not make progress consistent with the plan, the
NYSE MKT staff may commence delisting proceedings. The Companys
common stock continues to be listed on the NYSE MKT during the
plan period.
The Company issued a press release on March 22, 2017, announcing
that it had received the Deficiency Letter. A copy of the press
release is attached to this Current Report on Form 8-K as Exhibit
99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 99.1 |
Press release, dated March 22, 2017, regarding NYSE MKT notice of non-compliance |
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 -0.007 at 0.300 with 62,673 shares trading hands.
