Houston American Energy acquires acreage in Colombia’s Llanos basin
(WO) — Houston American Energy Corp. announced the acquisition of an additional interest in Hupecol Meta, LLC., on December 9th.
“We are excited about the increase of our interest in the CPO-11 block, the progress made by Hupecol Meta to date, and the outlook for the development of the block,” John Terwilliger, CEO of Houston American, said.
Hupecol Meta owns the 639,405 gross acre CPO-11 block in the Llanos Basin in Colombia, comprised of the 69,128-acre Venus Exploration area, operated by Hupecol, and 570,277 acres which were 50% farmed out to Parex Resources by Hupecol.
“Hupecol Meta’s deep history of operating in Colombia is paying dividends with their securing permits to support drilling and production operations and favorable initial operating results on our first two wells," Terwilliger said. "The commitment to move forward with a seismic acquisition program to support future development of the block reflects our belief in the potential of the block based on initial operating results on our first two wells.”
In total, the CPO-11 block covers almost 1000 square miles with multiple identified leads and prospects expected to support a multi-well drilling program.
Through its membership interest in Hupecol Meta, Houston American now holds an approximately 16% interest in the Venus Exploration area and an approximately 8% interest in the remainder of the block.
In the Venus Exploration Area, Hupecol Meta now operates two producing wells, the Saturno ST1 and Venus 2A wells. A 3D seismic acquisition program is planned to support the future development of the Venus Exploration Area.