Houston American Energy announces initial production rate on O'Brien #3H well
Houston American Energy announced initial production information on its O'Brien #3H well and provided an update with respect to planned operations in Reeves County, Texas over the balance of 2017. A recent flowback report from the field indicated a daily production rate of 359 barrels of oil and 4,077 mcf of natural gas per day, or a combined 1,039 barrels of oil equivalent per day. Two additional Reeves County wells are planned to commence drilling operations during the 4th Quarter of 2017 at an estimated cost to Houston American Energy of $3.5M. John Boylan, CEO and President of Houston American stated, "We are very pleased to announce a second successful Reeves County well. Similar to our Johnson #1H well, our O'Brien #3H well's initial results are encouraging and have exceeded our original expectations. With both wells expected to commence production in September, we expect to see meaningful improvements in our production, revenue and profitability by the end of Q3 and into Q4 2017."