HOUSTON, Sept. 19, 2017 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA, or the "Company") today announced receipt, on September 18, 2017, of notification from NYSE Regulation that the Company has regained compliance with Section 1003(a) of the NYSE American's Company Guide relating to minimum shareholders' equity.
The Company previously received notification from the NYSE American citing failure to comply with the minimum shareholders' equity and minimum stock price standards. With this latest notice, Houston American Energy has now cured the previously cited deficiencies and is in compliance with the NYSE American's continued listing standards. Effective September 19, 2017, the ".bc" designation, signifying non-compliance with NYSE American listing standards will be removed from the Company's trading symbol.
John Boylan, Houston American's CEO and Chairman stated: "We are happy to have regained compliance with the NYSE American listing standards. Our efforts and success in that regard, both from a shareholders' equity position and stock price, are, we believe, a reflection of our efforts to re-position Houston American with our entry into Reeves County and the success we have enjoyed with our initial wells. We are confident that we have turned a corner and look forward to providing to our shareholders continued access to a liquid market on the NYSE American and the prospect of a significant uptick in our production, revenues and profitability as our initial wells come on production."
About Houston American Energy Corp.
Based in Houston, Texas, Houston American Energy Corp. is a publicly traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The Company's business strategy includes a mix of producing and non-producing assets with a focus on the Delaware Basin in Texas, Louisiana and Colombia.
The information in this release includes certain forward-looking statements that are based on assumptions that in the future may prove not to have been accurate, including statements regarding ongoing compliance with exchange listing standards and continued listing on the NYSE American, and achievement of increased production, revenues and profitability. Those statements, and Houston American Energy Corp., are subject to a number of risks, including the potential inability to secure financing to fund Houston American's share of well costs, timing of drilling operations, rig availability, ultimate drilling results, potential changes in price based on operations and fluctuations in energy prices, changes in market conditions, effects of government regulation and other factors. These and other risks are described in the company's documents and reports that are available from the company and the United States Securities and Exchange Commission.
For additional information, view the company's website at www.houstonamerican.com or contact the Houston American Energy Corp. at (713) 222-6966 or Raymond Deacon at (917) 477-7800.
SOURCE Houston American Energy Corp.