Houston American Energy Corporation (NYSEAMERICAN:HUSA) has announced better than expected results in Q1 2018 mainly on account of increased energy prices and enhanced production in Reeves County wells.
The company has reported revenues of $754,157 (up 1209%) in Q1 2018, a considerable increase when compared to the same period last year. HUSA has also performed well in the quarter ending December 31, 2017 by reporting an increase of 82% in revenues. Its EBITDAX is estimated at $69,148 in Q1, 2018.
The realized prices of oil are estimated at $60.85/Bbl in Q1 2018 when compared to $47.91/Bbl in the same period last year. The realized price of gas is estimated at $4.24/Mcf in Q1 2018 when compared to $3.42/Mcf for the same period last year.
The production volumes of HUSA is reported at 7,978 barrels of oil in Q1 2018. It has also reported gas output of 73,409,000 cubic feet.
An update of production in Reeves County
The company has commenced the commercial sales of oil and gas produced from the Johnson and O’Brien wells, and the Reeves County, Texas wells in November 2017. HUSA has successfully completed the wells in the Wolfcamp A formation.
Chief Executive Officer and Chairman of HUSA, Mr. John Boylan said the company is very happy about the performance of the first two wells. He further said, the company has seen considerable improvements in production, cash flow and revenues. Its positive EBITDAX is estimated at $69,148.
The company will try to enhance the shareholder value by pursuing additional drilling opportunities. It ensures maximum cash flow by adopting cost saving approach.
Brief Information about Houston American Energy Corporation
The publicly traded and energy independent company Houston American Energy Corporation is based in Houston, Texas. It has interests in natural gas and oil wells. The company also has interests in minerals and other prospects.
The companies gas and oil exploration operations are mainly located in the onshore gulf coast of the US. Its production and explore operations are mainly located in Louisiana, Texas, and also in the South American country of Colombia.