Referenced Stocks

Houston American Energy Proceeds With Testing C-9 Sand in Cachirre #1 Well; Shares Tumble 18%, Above Yr Lows

By Midnight Trader,  June 28, 2012, 10:01:41 AM EDT

Houston American Energy ( HUSA ) is down 18% to $1.04 but is off a year low 75 cents hit earlier after the company provided an operational update on the Cachirre #1 well. The company has decided to continue with the project despite the exit of other companies, SK Innovation and Gulf United Energy, which propose that the well be abandoned at this point in time.

After drilling of the well and initial testing have been completed, the company commenced testing the C-9 sand in the well, on a "sole risk" basis, bearing the full cost of testing and the potential completion of the well.

Test results on the C-9 sand are expected to be available in about ten days and will be announced when available. The other objective sands in the well have been deemed to be non-productive by the company.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: HUSA



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