Houston American Energy Corp. Reports Estimated Operating Results for the First Quarter Ended March 31, 2012
Houston American Energy Corp. reported its estimated operating results for the first quarter ended March 31, 2012. The company is estimating a net loss for the quarter of $987,369, or $0.03 per share, on revenues of $320,510, as compared to a net loss of $1,231,915, or $0.04 per share, on revenues of $124,303 for the quarter ended March 31, 2011, excluding any charges related to impairments or gains on assets. When including a non-cash impairment charge of $19,995,845 relating to the previously announced decision to cease efforts to test and complete the Tamandua #1 well in Colombia, as well as a gain of $315,119 related to the sale of the company's indirect interests in the Hupecol Cuerva, LLC, the estimated net loss for the quarter is $20,668,095, or $0.66 per share, as compared to a net loss of $1,231,915, or $0.04 per share for the quarter ended March 31, 2011.