Houston American Energy Corp. provided an update with respect to 2022 operations and near term plans on the CPO-11 Block in Colombia. Houston American's interest in the CPO-11 Block, and wells thereon, is held through ownership interest in Hupecol Meta, LLC.

Year-to-date, two wells have been drilled on the CPO-11 Block, both located in the Venus Exploration Area. The Bugalo #1 well was drilled and is awaiting testing. The Saturno #1 well was drilled, plugged back and side-tracked resulting in the Saturno #1ST well.

The Saturno #1ST well is expected to begin production in the very near future. A formerly shut-in well in the VEA, the Venus 2A, is planned to be returned to production shortly. Hupecol is planning to acquire a 3D seismic grid covering a portion of the VEA with the objective of siting and drilling a first horizontal well within the VEA.

On the CPO-11 Block, outside of the VEA, Hupecol Meta has targeted drilling, by year-end, the Caonabo well with the participation of Parex Resources. Houston American owns an 11% interest in each of the wells in the Venus Exploration Area and will own a 5.5% interest in each of the wells on the balance of the CPO-11 Block.