OilVoice - Houston American Energy Acquires New TEA Contract in Colombia

Houston American Energy Acquires New TEA Contract in Colombia

Wednesday, September 09, 2009

On September 2, 2009, Houston American Energy Corp. elected to participate for its percentage interest (12.5%) in the Los Picachos Technical Evaluation Agreement (the "TEA").

The TEA was entered into on August 26, 2009 by and between the Columbian National Hydrocarbons Agency ("ANH") and Hupecol Operating Co. LLC, ("Hupecol") and encompasses an 86,235 acre region located to the west and northwest of the Serrania block, which is located in the municipalities of Uribe and La Macarena in the Department of Meta in the Republic of Colombia.

As a result of the election to participate, the Company agreed to pay its proportionate share, or 12.5%, of the acquisition costs and costs for the minimum work program contained in the TEA.