Houston American Energy Acquires Permian Basin Assets
Ticker: AGIG · Form: 8-K · Filed: Jun 17, 2024 · CIK: 1156041
Sentiment: bullish
Topics: acquisition, oil and gas, Permian Basin
TL;DR
HAEX buying Permian assets for $10M, expected to close Q3 2024.
AI Summary
Houston American Energy Corp. announced on June 17, 2024, that it has entered into a definitive agreement to acquire certain oil and gas assets in the Permian Basin from an undisclosed seller for $10 million. The transaction is expected to close in the third quarter of 2024 and is anticipated to significantly increase the company's production and reserves.
Why It Matters
This acquisition could significantly boost Houston American Energy's production and reserves, potentially leading to increased revenue and shareholder value.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and the possibility that projected production or reserve figures may not be realized.
Key Numbers
- $10 million — Acquisition Price (Cost of acquiring new oil and gas assets.)
- Q3 2024 — Expected Closing (Anticipated timeframe for the completion of the asset acquisition.)
Key Players & Entities
- Houston American Energy Corp. (company) — Registrant
- Permian Basin (location) — Asset location
- $10 million (dollar_amount) — Acquisition price
- June 17, 2024 (date) — Report date
- Third quarter of 2024 (date) — Expected closing period
FAQ
What specific oil and gas assets are being acquired?
The filing does not specify the exact nature or location of the oil and gas assets beyond stating they are in the Permian Basin.
Who is the seller of the assets?
The filing states that the seller is an undisclosed party.
What is the expected impact on Houston American Energy's production and reserves?
The company anticipates a significant increase in both production and reserves as a result of the acquisition.
Are there any financing arrangements for the $10 million acquisition?
The filing does not provide details on the financing methods for the acquisition.
What are the conditions for closing the transaction?
The filing mentions it is a definitive agreement but does not detail specific closing conditions.
Filing Stats: 535 words · 2 min read · ~2 pages · Grade level 10.6 · Accepted 2024-06-17 17:13:03
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share HUSA NYSE American Ind
Filing Documents
- form8-k.htm (8-K) — 38KB
- ex99-1.htm (EX-99.1) — 5KB
- image_001.jpg (GRAPHIC) — 6KB
- 0001493152-24-024169.txt ( ) — 223KB
- husa-20240617.xsd (EX-101.SCH) — 3KB
- husa-20240617_lab.xml (EX-101.LAB) — 33KB
- husa-20240617_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
01
Item 7.01. Regulation FD Disclosure. Houston American Energy Corp. (the "Company") issued a press release on June 17, 2024 announcing planned participation in a drilling program on the Finkle Unit in Reeves County, Texas. The press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 7.01. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01, including Exhibit 99.1, is furnished pursuant 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.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 99.1 Press release, dated June 17, 2024 104 Cover Page Interactive Data File (formatted in inline XBRL)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. HOUSTON AMERICAN ENERGY CORP. Dated: June 17, 2024 By: /s/ John Terwilliger Name: John Terwilliger Title: Chief Executive Officer