Exhibit 99.2

HOUSTON AMERICAN ENERGY CORPORATION

Estimated Future Reserves and Revenues

as of December 31, 2009

Selected Oil and Gas Properties

Louisiana, Oklahoma, and Texas

SEC Guideline Case

February 25, 2010

Mr. John F. Terwilliger

Houston American Energy Corporation

801 Travis, Suite 1425

Houston, Texas 77002

Dear Mr. Terwilliger:

Pursuant to your request, we have estimated the future oil and gas Reserves and projected the associated future revenues net to the interests owned by Houston American Energy Corporation (“Houston American”) as of December 31, 2009. Assets located in Louisiana, Oklahoma, and Texas are included in this report. As shown in the following table, 71% of the total value is associated with the Proved Developed Producing (“PDP”) Reserves.

Our conclusions, as of December 31, 2009, are summarized below:

Houston American Energy Corporation - Year End Reserve Report

SEC Pricing as of December 31, 2009

February 25, 2010

Page 2 of 4

Purpose of Report

This report has been prepared to provide the management of Houston American Energy Corporation with a projection of estimated remaining Reserves and projected future net revenues as of December 31, 2009. These estimates have not been adjusted for risk.

Standards of Practice

This report has been prepared in accordance with our understanding of the Securities and Exchange Commission, SX Reg. § 210.4-10, dated November 18, 1981 as amended September 19, 1989, requiring adherence to definitions of “Proved” oil and gas Reserves. Additionally, at the request of Houston American, and within the most recently adopted and accepted SEC guidelines (Modernization of Oil and Gas Reporting; Final Rule; January 14, 2009), we have evaluated the Proved, Probable and Possible Reserves. The SEC oil and gas Reserve definitions are attached hereto.

Reserve Estimates

Extrapolation of historical production data was utilized for those producing properties where sufficient data were available to suggest decline trends. Reserves assigned to the remaining producing properties and any non-producing assets were determined by analogy to offset wells producing from similar formations or by volumetric analysis. Reserves assigned by analogy and volumetric analysis are subject to greater revision than Reserves projected using established performance trends.

As of December 31, 2009, the Proved net remaining Reserves were estimated to be 2,898 barrels of oil, condensate, and natural gas liquids (“NGL”) and 70.2 MMcf of gas. The net present value, discounted at 10%, of the PDP Reserves was $323,967. Of the total revenue, 62% was derived from gas production. The Reserve life index (“R/P”) for the PDP Reserves was estimated to be 2.0 years based on a 6:1 conversion rate.

The Probable net remaining Reserves were estimated to be 1,565 barrels of oil, condensate, and natural gas liquids and 29.8 MMcf of gas. The net present value, discounted at 10%, of the PDP Reserves was $146,281. Of the total revenue, 57% was derived from gas production.

The total Proved plus Probable net remaining Reserves were estimated to be 4,464 barrels of oil, condensate, and natural gas liquids and 100.0 MMcf of gas. The net present value, discounted at 10%, of the total Reserves was $470,248. Of the total revenue, 61% was derived from gas production.

Notable Properties

Crown Paper No. 1 (19,100 ft), East Baton Rouge Parish, LA

The Crown Paper No. 1, located in East Baton Rouge Parish, Louisiana, is operated by Pennington Oil and Gas Interests. The Crown Paper No. 1 is currently producing approximately 1,000 Mcf of gas per day from the 19,100 ft Tuscaloosa “G” formation. As of December 31, 2009, the estimated net remaining Reserves for this zone were 1,037 barrels of oil and 36.7 MMcf of gas. The future net revenue, discounted at 10%, of $189,626 represents 40.3% of the total discounted future net revenue.

Houston American Energy Corporation - Year End Reserve Report

SEC Pricing as of December 31, 2009

February 25, 2010

Page 3 of 4

Crown Paper No. 1 (18,930 ft), East Baton Rouge Parish, LA

The Crown Paper No. 1, located in East Baton Rouge Parish, Louisiana, is operated by Pennington Oil and Gas Interests. The Crown Paper No. 1 is scheduled to be recompleted in 2012, and is estimated to produce approximately 1,000 Mcf of gas per day from the 18,930 ft Tuscaloosa “F” formation. These Reserves are classified as Probable. As of December 31, 2009 the estimated net remaining Reserves for this zone were 522 barrels of oil and 9.9 MMcf of gas. The future net revenue, discounted at 10%, of $53,875 represents 11% of the total discounted future net revenue.

Jeffers No. 1, Acadia Parish, Louisiana

The Jeffers No.1 well, located in Acadia Parish, Louisiana, is operated by Kaiser-Francis Oil Company, Inc. The Jeffers No. 1 is currently producing approximately 915 Mcf of gas per day from the Alliance formation. As of December 31, 2009 the estimated net remaining Reserves for the well were 43 barrels of oil and 12.4 MMcf of gas. The future net revenue, discounted at 10%, of $51,631 represents 11% of the total discounted future net revenue.

These three properties represent 63% of the future net revenue attributable to Houston American Energy Corporation.

Product Prices and Differentials

The base product prices of $61.19 per barrel and $4.24 per MMbtu utilized herein are reported by the Energy Information Administration for the closing NYMEX West Texas Intermediate (“WTI” at Cushing, OK) contract 1 oil prices on the first trading day of each month, averaged over the 2009 calendar year and Gas prices are reported at Henry Hub, LA contract 1. As required by SEC regulations, no price escalations are included in this report. Realized product prices in this report reflect adjustments for heating content, premiums and basis differentials. Where applicable, transportation costs have been included.

Operating Costs and Expenditures

Direct lease operating expenses were input as dollars per month into the economic models. These data were supplied by Houston American Energy Corporation. Where applicable, lease operating costs were adjusted for non-recurring costs. Operating costs were not escalated in this report.

Severance and ad valorem taxes are deducted as a percentage of gross revenues or as a charge per unit of production. The individual well projections of oil and gas cease when the operating expenses exceed the gross revenues.

Values Not Considered

In all cases, we have attempted to account for all deductions from gross revenues except for the following:

Houston American Energy Corporation - Year End Reserve Report

SEC Pricing as of December 31, 2009

February 25, 2010

Page 4 of 4

No value has been assigned to non-producing acreage or to acreage held by production.

Report Qualifications

Estimates of future revenues were based on projections of recoverable hydrocarbons, rates of production, timing of recompletions and drilling, proration by state and federal agencies, operating costs, direct taxes, and product prices. Any unusual combination of the many factors, including weather, political risk or acts of terrorism could result in future receipts being considerably less or more than those estimated herein.

THE REVENUES AND PRESENT WORTH OF FUTURE NET REVENUES ARE NOT REPRESENTED TO BE MARKET VALUES EITHER FOR THE INDIVIDUAL PROPERTIES OR IN A TOTAL PROPERTY BASIS.

The Reserves and revenues for specific properties should be considered in context with the overall report.

Data Sources

Historical production data were obtained from Houston American Energy Corporation and public sources, such as Lasser Production Data Services, HPDI, LLC, DrillingInfo.com, and IHS Energy Data Services. This production data was generally updated though December 2009.

We retain in our files digital databases for all properties and certain other hard copy information that we believe pertinent. We have not inspected the properties evaluated in this report, nor have we conducted independent well tests.

Independent Evaluation

Neither Lonquist & Co., LLC nor any of its employees have any interest or ownership in the subject properties, and neither our employment nor compensation is contingent on our findings herein.

HOUSTON AMERICAN ENERGY CORPORATION

Estimated Future Reserves and Revenues

As of December 31, 2009

Caracara, Dorotea-Cabiona, and Llanos Concessions

Republic of Colombia

SEC Guideline Case

March 5, 2010

Mr. John F. Terwilliger

Houston American Energy Corporation

801 Travis, Suite 1425

Houston, Texas 77002

Dear Mr. Terwilliger:

Pursuant to your request, we have estimated the future hydrocarbon Reserves and projected the associated future revenues net to the interests owned by Houston American Energy Corporation (“Houston American”) as of December 31, 2009. The assets evaluated in this report are in the HUPECOL, LLC-operated (“HUPECOL”) Caracara, Dorotea-Cabiona, and Llanos Concessions in the Republic of Colombia. As shown in the following table, Proved Developed Producing, Proved Developed Non-Producing, and Proved Undeveloped Reserves were evaluated for this report.

Our conclusions, as of December 31, 2009, are summarized below:

Houston American Energy Corporation – HUPECOL, LLC Operated Properties

December 31, 2009 Reserve Update

March 5, 2010

Page 2 of 4

Purpose of Report

This report has been prepared to provide the management of Houston American Energy Corporation with a projection of estimated remaining hydrocarbon Reserves and projected future net revenues as of December 31, 2009. These estimates have not been adjusted for risk.

Standards of Practice

This report has been prepared in accordance with our understanding of the Securities and Exchange Commission (“SEC”), SX Reg. § 210.4-10, dated November 18, 1981 as amended September 19, 1989, requiring adherence to definitions of “Proved” oil and gas Reserves. Additionally, this report conforms to the most recently adopted SEC guidelines in the Modernization of Oil and Gas Reporting; Final Rule (January 14, 2009). The SEC oil and gas Reserve definitions are attached hereto.

Reserve Estimates

Production data in this report were updated through December 31, 2009. Extrapolation of historical production data was utilized for those producing properties where sufficient data were available to suggest decline trends. In addition to rate vs. time decline curve analysis, oil fraction vs. cumulative oil and water fraction vs. cumulative oil data were used to determine Reserves for producing properties. Reserves assigned to the remaining producing properties and the non-producing assets were determined by analogy to offset wells producing from similar formations or by volumetric analysis. Reserves assigned by analogy and volumetric analysis are subject to greater revision than those projected using established performance trends.

Geological interpretations and structural mapping of the productive sands in each of the Concessions were prepared by HUPECOL primarily using subsurface well control augmented with 3D and 2D seismic data. We have reviewed these maps and they are reasonable. These structure maps formed the basis for the net pay thickness maps drawn by HUPECOL. The net pay values included in these maps were from the independent petrophysical analyses prepared by Lonquist & Co. We planimetered these maps to determine the reservoir volume and the results were used in the volumetric analyses.

As of December 31, 2009, the Total Proved net remaining Reserves were estimated to be 1,202,227 barrels of oil. The net present value, discounted at 10%, of the remaining Reserves is $15,496,592. Of the total discounted net revenue, approximately 34% is generated by the Proved Producing Reserves.

Product Prices and Differentials

The base oil price of $61.19 per barrel in this evaluation is the un-weighted arithmetic average of the closing NYMEX West Texas Intermediate (“WTI”) Contract 1 oil price on the first trading day of each month in 2009 as reported by the Energy Information Administration. As required by SEC regulations, no price escalations are included in this report. Realized product prices in this report reflect adjustments for basis differentials and include transportation costs, where applicable.

Operating Costs and Expenditures

Direct well operating expense data for January through December 2009 were supplied by HUPECOL. These direct operating costs, input as dollars per month into the economic models, were based on actual expenses and were adjusted for non-recurring costs, where applicable. We have accepted these expense data as correct. Direct operating costs were not escalated in this report.

Houston American Energy Corporation – HUPECOL, LLC Operated Properties

December 31, 2009 Reserve Update

March 5, 2010

Page 3 of 4

The individual well projections of oil and gas production ceased when the operating expenses exceeded the gross revenues.

Development costs included in this report were provided by HUPECOL and were based on authorizations for expenditures for the proposed work or actual costs for similar projects. The timing of investments were also supplied by HUPECOL based their long range plans and experience in the area. Development costs were not escalated in this report.

Values Not Considered

In all cases, we have attempted to account for all deductions from gross revenues except for the following:

No value has been assigned to non-producing leasehold or to acreage held by production.

Report Qualifications

Estimates of future revenues were based on projections of recoverable hydrocarbons, rates of production, timing of recompletions and drilling, proration by state and federal agencies, operating costs, direct taxes, and product prices. Any unusual combination of the many factors, including weather, political risk or acts of terrorism could result in future receipts being considerably less or more than those estimated herein.

THE REVENUES AND PRESENT WORTH OF FUTURE NET REVENUES ARE NOT REPRESENTED TO BE MARKET VALUES EITHER FOR THE INDIVIDUAL PROPERTIES OR IN A TOTAL PROPERTY BASIS.

The Reserves and revenues for specific properties should be considered in context with the overall report.

Data Sources

Key data, including well information, geologic interpretations, direct operating costs, historical production data, and realized product prices were supplied by HUPECOL. Ownership data were supplied by Houston American. The ownership interests and other factual data were accepted without independent verification.

We retain in our files digital databases for all properties and certain other hard copy information that we believe pertinent. We have not inspected the properties evaluated in this report, nor have we conducted independent well tests.

Houston American Energy Corporation – HUPECOL, LLC Operated Properties

December 31, 2009 Reserve Update

March 5, 2010

Page 4 of 4

Independent Evaluation

Neither Lonquist & Co., LLC nor any of its employees have any interest or ownership in the subject properties, and neither our employment nor compensation is contingent on our findings herein.