10-K - HOUSTON AMERICAN ENERGY CORP (0001156041) (Filer)

Mon, Feb 24, 11:07 AM (21 days ago)

**Houston American Energy Corp. (HUSA) 2024 10-K Summary** In 2024, Houston American Energy Corp. reported total revenues of $560,180, a 30% decrease from $794,027 in 2023, primarily due to a decline in oil and gas production and average sales prices. Net income showed a loss of $8,216,112, exacerbated by an impairment charge of $6,392,874 related to its investment in Hupecol Meta, indicating a deteriorating performance. Operating expenses rose to $9,800,753, largely driven by increased lease operating costs and general administrative expenses, which reached $2,224,559. The company holds interests in the U.S. Permian Basin and Colombia, with total proved reserves of 150,904 boe as of December 31, 2024. The average production cost increased to $42.85 per BOE due to inflationary pressures. Strategic plans include a focus on opportunistic acquisitions and partnerships to enhance resource potential while minimizing risks. Future outlook remains uncertain, particularly due to ongoing volatility in energy prices and operational challenges in Colombia. The company's financial condition reflects significant accumulated losses of $85,215,109, raising concerns about its ability to fund future operations without additional capital. Risks include dependency on third-party operators and compliance with environmental regulations. Overall, HUSA's market position has shifted, necessitating strategic adjustments to navigate financial and operational challenges.