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| 8-K - HOUSTON AMERICAN ENERGY CORP 8-K 10-5-2011 - HOUSTON AMERICAN ENERGY CORP | form8k.htm |
Exhibit 99.1
October 2011
Investor Presentation
HOUSTON AMERICAN ENERGY
CORP
CORP
1
Forward-Looking Statements
This presentation contains forward-looking statements, including those relating to our future financial and operational
results, reserves or transactions, that are subject to various risks and uncertainties that could cause the Company’s future
plans, objectives and performance to differ materially from those in the forward-looking statements. Forward-looking
statements can be identified by the use of forward-looking terminology such as “may,” “expect,” “intend,” “plan,” “subject
to,” “anticipate,” “estimate,” “continue,” “present value,” “future,” “reserves,” “appears,” “prospective,” or other variations
thereof or comparable terminology. Factors that could cause or contribute to such differences could include, but are not
limited to, those relating to the results of exploratory drilling activity, the Company’s growth strategy, changes in oil and
natural gas prices, operating risks, availability of drilling equipment, availability of capital, the inherent variability in early
production tests, dependence on weather conditions, seasonality, expansion and other activities of competitors, changes
in federal or state environmental laws and the administration of such laws, the general condition of the economy and its
effect on the securities market, the availability, terms or completion of any strategic alternative or any transaction and
other factors described in “Risk Factors” and elsewhere in the Company’s Form 10-K and other filings with the SEC. While
we believe our forward-looking statements are based upon reasonable assumptions, these are factors that are difficult to
predict and that are influenced by economic and other conditions beyond our control.
results, reserves or transactions, that are subject to various risks and uncertainties that could cause the Company’s future
plans, objectives and performance to differ materially from those in the forward-looking statements. Forward-looking
statements can be identified by the use of forward-looking terminology such as “may,” “expect,” “intend,” “plan,” “subject
to,” “anticipate,” “estimate,” “continue,” “present value,” “future,” “reserves,” “appears,” “prospective,” or other variations
thereof or comparable terminology. Factors that could cause or contribute to such differences could include, but are not
limited to, those relating to the results of exploratory drilling activity, the Company’s growth strategy, changes in oil and
natural gas prices, operating risks, availability of drilling equipment, availability of capital, the inherent variability in early
production tests, dependence on weather conditions, seasonality, expansion and other activities of competitors, changes
in federal or state environmental laws and the administration of such laws, the general condition of the economy and its
effect on the securities market, the availability, terms or completion of any strategic alternative or any transaction and
other factors described in “Risk Factors” and elsewhere in the Company’s Form 10-K and other filings with the SEC. While
we believe our forward-looking statements are based upon reasonable assumptions, these are factors that are difficult to
predict and that are influenced by economic and other conditions beyond our control.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to
disclose proved, probable and possible reserves. We use certain terms in this document, such as non-proven, resource
potential, Probable, Possible, Exploration and unrisked resource potential. These terms include reserves with substantially
less certainty than proved reserves, and no discount or other adjustment is included in the presentation of such reserve
numbers. The recipient is urged to consider closely the disclosure in our Form 10-K, File No. 001-32955, available from us
at 801 Travis, Suite 1425, Houston, Texas 77002. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
disclose proved, probable and possible reserves. We use certain terms in this document, such as non-proven, resource
potential, Probable, Possible, Exploration and unrisked resource potential. These terms include reserves with substantially
less certainty than proved reserves, and no discount or other adjustment is included in the presentation of such reserve
numbers. The recipient is urged to consider closely the disclosure in our Form 10-K, File No. 001-32955, available from us
at 801 Travis, Suite 1425, Houston, Texas 77002. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
2
Company Overview
§ Houston American Energy Corp (NYSE Amex:HUSA), the “Company”, is a growth-
oriented independent energy company engaged in the exploration, development and
production of crude oil and natural gas resources
oriented independent energy company engaged in the exploration, development and
production of crude oil and natural gas resources
§ Operations focused in Colombia
• Participated in drilling of 125 wells in Colombia to date
• Developing new international projects with a focus on Colombia, Peru and Brazil
§ Significant concessions in Colombia with substantial drilling inventory identified by
advanced 3-D seismic interpretation
advanced 3-D seismic interpretation
• Over 825,000 gross acres with more than 50 currently identified drilling prospects on 3D
seismic data
seismic data
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Market Cap:
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$409.8MM
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Debt Outstanding:
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$0.0
|
|
Average Volume:
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216,485
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Shares Outstanding:
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31,165,230
|
3
Investment Opportunity
§ Unique portfolio of high impact, large reserve potential projects in Colombia
• Pure-play small cap oil focused investment opportunity with substantial upside potential
• Significant acreage position focused in the Llanos Basin in Colombia
• Favorable government royalties and fiscal terms on existing contracts
§ Significant Technical Partner with SK Energy, a leading Asian integrated oil and gas
company
company
§ Proven Track Record
• Participating in successful drilling program led by Hupecol
• Drilled 125 wells in Colombia with approximately 70% success rate to date
§ Low cost structure
• Non-operator strategy allows for minimal corporate staff
• Colombian properties have lower finding and development costs versus U.S. conventional
and unconventional reserves
and unconventional reserves
§ Experienced management and board of directors with access to proprietary deal flow
§ Simple capitalization structure
6
Overview of Colombia
§ President Juan Manuel Santos (elected
August 7, 2010) - Pro Business
August 7, 2010) - Pro Business
§ Main US ally in South America
§ Population: 45,644,023
§ Capital Bogotá: 8,840,116 citizens
§ Exchange rate 2010: 1,807 COP$/US$
§ Gross domestic product, GDP, 2008: US$
395.4 Billion
395.4 Billion
§ GDP / Capita, 2008: $8,800
§ Current Production of 850,000 bbl/day
Source: Wood Mackenzie, IHS, CIA.GOV
7
Overview of Colombia
§ Colombia is currently a net exporter (~ 450,000 bbls/d) of crude
oil, but the country's reserves and production had been
declining
oil, but the country's reserves and production had been
declining
§ To combat this decline, the Colombian government enacted a
number of incentives aimed to attract foreign investment:
number of incentives aimed to attract foreign investment:
• Sliding scale royalty rates based on field size, with an
8% royalty rate for most fields
8% royalty rate for most fields
• 100% company ownership of production projects
• Eliminated government back-in rights on new
concessions
concessions
• Vastly improved security environment - President
Santos on offensive with broad popular support
Santos on offensive with broad popular support
• Military increased 273,000 to 370,000 personnel in 2
years. US assistance at US$600 million/year
years. US assistance at US$600 million/year
• Progressive Colombia fiscal changes similar to those in
UK which spurred renewed interest in the North Sea
UK which spurred renewed interest in the North Sea
§ Colombia has a well developed infrastructure system
comprising of over 3,700 miles of crude and product pipelines.
This system is concentrated on transporting crude from the
main producing basins (Llanos and Magdalenas)
comprising of over 3,700 miles of crude and product pipelines.
This system is concentrated on transporting crude from the
main producing basins (Llanos and Magdalenas)
Source: Wood Mackenzie, IHS, CIA.GOV
8
Independent Engineer’s
Recoverable Resource
Evaluation Summary
Recoverable Resource
Evaluation Summary
9
Recoverable Resource Summary
(All figures in thousands of barrels of oil)
14
Hupecol Operated Assets
15
• Operator: Hupecol
• Hupecol has acquired significant
concessions in the Llanos Basin since
Houston American Energy’s inception in April
2001, and has successfully monetized these
properties through two asset sales. Houston
American has participated with Hupecol in its
operations since 2002. The following are
HUSA’s effective working interests in the
Llanos Basin based on its indirect ownership
interests in Hupecol:
concessions in the Llanos Basin since
Houston American Energy’s inception in April
2001, and has successfully monetized these
properties through two asset sales. Houston
American has participated with Hupecol in its
operations since 2002. The following are
HUSA’s effective working interests in the
Llanos Basin based on its indirect ownership
interests in Hupecol:
Hupecol Operations Llanos Basin
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• La Cuerva
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1.6% W.I.
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• LLA 62
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1.6% W.I.
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Colombia Operations Llanos Basin
16
Llanos Basin
• The Llanos Basin covers an area of approximately 125,000 square miles
• Its primary geologic formations are: the Upper Cretaceous, Paleocene and
Eocene
Eocene
• The Llanos Basin is one of the most
active basins in Colombia
Colombia
Other Llanos Basin Operators
Source: Wood Mackenzie, IHS, CIA.GOV
17
Overview of Hupecol (Private Company)
§ Privately held E&P company with offices in Colombia and Texas
• Hupecol’s managing partner currently operates significant production and gathering facilities
domestically in the U.S.
domestically in the U.S.
• Operates with an extensive staff of geologists, petroleum engineers, geophysical and
accounting professionals
accounting professionals
§ One of the more active independents operating in Colombia
• Hupecol sits on the Board of Directors of the Colombian Petroleum Association General
Assembly along with Perenco, Petrobras, ExxonMobil, Hocol, and Terpel
Assembly along with Perenco, Petrobras, ExxonMobil, Hocol, and Terpel
§ Proven track record
• In June 2008, Hupecol, through Hupecol Caracara LLC as owner/operator, sold all of the
Caracara assets to Cepsa, covering approximately 232,500 acres for USD $920 million
Caracara assets to Cepsa, covering approximately 232,500 acres for USD $920 million
• In December 2010, Hupecol, through Hupecol Dorotea and Cabiona, LLC (“HDC, LLC”) and
Hupecol Llanos, LLC (“HL, LLC”), sold all of the HDC and HL assets, covering
approximately 310,730 acres for USD $281.0 million.
Hupecol Llanos, LLC (“HL, LLC”), sold all of the HDC and HL assets, covering
approximately 310,730 acres for USD $281.0 million.
• Drilled over 125 wells in Colombia to date with a 70% success ratio
18
Serrania, Los Picachos
and Macaya Blocks
(Northern Putumayo Basin)
§ The prolific heavy oil belt is the next large play in Colombia
• There is only minimal open acreage that is still available on this trend
• The fields appear to be in large accumulations
20
Serrania Block
§ Contract entered between Shona Energy (Colombia) Limited (major investors of which include
Encap and Nabors) and Houston American Energy on June 24, 2009
Encap and Nabors) and Houston American Energy on June 24, 2009
§ Right to earn an undivided twelve and one half percent (12.5%) of the rights to the Serrania Contract
for Exploration and Production (the Serrania Contract) which covers the Serrania Block located in
the municipalities of Uribe and La Macarena in the Department of Meta
for Exploration and Production (the Serrania Contract) which covers the Serrania Block located in
the municipalities of Uribe and La Macarena in the Department of Meta
§ Serrania Block consists of approximately 110,769 acres
§ Oil Royalty: 8% to 5,000 BOPD and sliding scale to 20% at 125,000 BOPD
§ The Block is located adjacent to the recent Ombu discovery, which is estimated to have potentially
over two billion barrels of oil in place
over two billion barrels of oil in place
§ The Company agreed to pay 25% of Phase 1 Work Program. The Phase 1 work program consisted
of completing a geochemical study, reprocessing existing 2-D seismic data, and the acquisition,
processing and interpretation of 2D seismic program containing approximately 116 kilometers of 2-D
data. Phase 1 work program completed September 2009.
of completing a geochemical study, reprocessing existing 2-D seismic data, and the acquisition,
processing and interpretation of 2D seismic program containing approximately 116 kilometers of 2-D
data. Phase 1 work program completed September 2009.
21
Serrania Phase One Seismic Program
The Phase One Seismic program
was competed in September of
2009.
was competed in September of
2009.
22
Picture of Ombu field extension onto Serrania
Key Points
Ombu Field
Emerald Energy - 90% owner and operator
of the Ombu field sold to Sinochem
Resources for approximately $836 million
USD. Emerald’s major assets were
located in Syria and Colombia. Emerald’s
major Colombian asset was the Ombu
Field in the Putumayo Basin
of the Ombu field sold to Sinochem
Resources for approximately $836 million
USD. Emerald’s major assets were
located in Syria and Colombia. Emerald’s
major Colombian asset was the Ombu
Field in the Putumayo Basin
Canacol Energy LTD (TSX-V: CNE) - 10%
owner of the Ombu field is estimating that
there is up to 2.4 billion barrels of original
oil in place on the Ombu field
owner of the Ombu field is estimating that
there is up to 2.4 billion barrels of original
oil in place on the Ombu field
In 2009 Emerald Energy after drilling 7
wells on the Ombu field was given potential
recoverable reserves of 220 million barrels
by Netherland, Sewell & Associates, Inc.
Production rates of the 7 wells ranged from
108 to 437 bbl/d
wells on the Ombu field was given potential
recoverable reserves of 220 million barrels
by Netherland, Sewell & Associates, Inc.
Production rates of the 7 wells ranged from
108 to 437 bbl/d
Source: Emeraldenergy.com, Canacolenergy.com
23
Los Picachos Block
Los Picachos establishes a future
growth area for the Serrania
concession
growth area for the Serrania
concession
Initial 2-D data has identified several
large prospects located on the Los
Picachos Block similar to those
found on the Ombu Block to the
south east
large prospects located on the Los
Picachos Block similar to those
found on the Ombu Block to the
south east
Los Picachos encompasses an
86,235 acre region located to the
west and northwest of the Serrania
block
86,235 acre region located to the
west and northwest of the Serrania
block
24
Macaya Block
Macaya establishes a
future growth area for the
Serrania concession
future growth area for the
Serrania concession
Macaya encompasses an
195,201 acre region
located to the east and
southeast of the Serrania
block
195,201 acre region
located to the east and
southeast of the Serrania
block
Los Picachos
349.13Sqkm - 86,249 acres
Ombu Field
63 to 231 MMBOE
Recoverable
Macaya
790.16 Sqkm - 195,201 acres
Serrania
448.47 Sqkm - 110,790 acres
Houston American Energy Corp owns a 12.5 % interest in the Serrania, Los Picachos and Macaya E & P Blocks.
25
Los Picachos and Macaya Work Commitments
LOS PICACHOS E&P EXPLORATORY PROGRAM
26
SK Innovation - CPO 4 Block
27
Overview of SK Innovation
Large Asian conglomerate with an integrated business model
Source: SK Energy 2010 Annual Report
1 USD = 1182 KRW
1 USD = 1182 KRW
SK Innovation participates in 29 oil and gas blocks and four LNG
projects in 16 countries, with daily production volume averaging
59,000 barrels of oil equivalent per day in 2010.
projects in 16 countries, with daily production volume averaging
59,000 barrels of oil equivalent per day in 2010.
E&P Business
Petrochemical Business
SK Global Chemical is the undisputed leader in the petrochemical
business in Korea. During 2010 SK sold 1.2 million tons of
petrochemical products for $10.58 billion USD in sales in 2009
business in Korea. During 2010 SK sold 1.2 million tons of
petrochemical products for $10.58 billion USD in sales in 2009
Lubricants Business
SK Lubricants is a leading lubricant manufacturer in Korea. During
2010 SK Lubricants had sales of 1.7 billion and operating income of
252.6 million.
2010 SK Lubricants had sales of 1.7 billion and operating income of
252.6 million.
Refining and Petroleum Business
In 2010, SK Energy had $27.12 billion USD in sales, with refining
capacity of 1.1 million barrels of oil per day. This represents the
largest capacity in Korea, as well as one of the largest in all of Asia
capacity of 1.1 million barrels of oil per day. This represents the
largest capacity in Korea, as well as one of the largest in all of Asia
It should also be noted that SK Innovation has Research and
Development and Technology businesses that are leaders in the
industry.
Development and Technology businesses that are leaders in the
industry.
28
SK Energy - Farmout Agreement and JOA - CPO 4
§ Contract entered between National Hydrocarbon Agency of Colombia and SK Energy
§ Right to earn an undivided 37.5% of the rights of the CPO 4 Contract located in the Western Llanos
Basin in the Republic of Colombia
Basin in the Republic of Colombia
§ CPO 4 Block consists of 345,452 net acres and contains over 50 identified prospects based on 3D
seismic data
seismic data
§ The Block is located along the highly productive western margin of the Llanos Basin and is adjacent
to Apiay field which is estimated to have in excess of 610 million barrels of 25-33 API oil in place.
On the CPO 4 Block’s Northeast side lies the Corcel and Guatiquia Blocks where well rates of 2,000
to 15,800 barrels of initial production per day have been announced for recent discoveries.
to Apiay field which is estimated to have in excess of 610 million barrels of 25-33 API oil in place.
On the CPO 4 Block’s Northeast side lies the Corcel and Guatiquia Blocks where well rates of 2,000
to 15,800 barrels of initial production per day have been announced for recent discoveries.
§ In addition, the CPO 4 Block is located nearby oil and gas pipeline infrastructure.
§ The Company has agreed to pay 37.5% of all past and future cost related to the CPO 4 block as
well as an additional 12.5% of the seismic acquisition costs incurred during Phase 1 Work Program
well as an additional 12.5% of the seismic acquisition costs incurred during Phase 1 Work Program
§ All future cost and revenue sharing (excluding the phase 1 seismic cost) will be on a heads up
basis; 50% SK Energy, 37.5% HUSA, and 12.5% Gulf United Energy - no carried interest or other
promoted interest on the block
basis; 50% SK Energy, 37.5% HUSA, and 12.5% Gulf United Energy - no carried interest or other
promoted interest on the block
29
30
Corcel
Current average production of 10,000 Bbl/d
from 9 wells drilled since July of 2007
from 9 wells drilled since July of 2007
Guatiquia Block
January 5, 2011 - Yatay-1 well
commenced production at over
10,440 barrels of oil per day of
43 degree API, and in its first
four months produced approx.
1.1 million barrels of oil.
commenced production at over
10,440 barrels of oil per day of
43 degree API, and in its first
four months produced approx.
1.1 million barrels of oil.
The Candelilla structure
produced over 7.3
produced over 7.3
million barrels of light oil in
2010 from the Lower Sand-3
and Guadalupe formations
2010 from the Lower Sand-3
and Guadalupe formations
31
Reservoir Distribution
32
33
34
Multiple Reservoir Plays
35
Corcel Overview
Source: Petrominerales.com
36
Corcel Overview
Source: Petrominerales.com
37
Corcel Overview (continued)
Source: Petrominerales.com
38
Corcel Overview (continued)
Source: Petrominerales.com
39
Corcel Overview (continued)
Source: Petrominerales.com; CKCC Research
Corcel Production Profile
Bakken/3F Production Profile
§ As can be seen from the two production curves; the Corcel production curve starts at
an average of 6,000 Bbl/d and declines to approximately 2,000 Bbl/d at the end of the
first year; whereas the typical Bakken/Three Forks well starts at 1,800 Bbl/d and
declines to approximately 190 Bbl/d at the end of the first year.
an average of 6,000 Bbl/d and declines to approximately 2,000 Bbl/d at the end of the
first year; whereas the typical Bakken/Three Forks well starts at 1,800 Bbl/d and
declines to approximately 190 Bbl/d at the end of the first year.
40
Corcel Overview (continued)
§ Production from Corcel’s wells have averaged in excess of 5,500 barrels of oil per
day for the first thirty days of production declining to approximately 2,000 barrels of oil
per day after the first year of production.
day for the first thirty days of production declining to approximately 2,000 barrels of oil
per day after the first year of production.
§ Production after the first year of production is expected to decline marginally at 10%
per annum
per annum
§ Multiple stacked pay sands
§ Active water drive is expected to result in high ultimate recoveries
Source: Petrominerales.com
41
Guatiquia Block - Candelilla and Yatay Wells
§ Guatiquia Block is located directly adjacent to the CPO-4 Block, with the Candelilla wells located
approximately 3 kilometers away from the CPO-4 block
approximately 3 kilometers away from the CPO-4 block
§ Candelilla-1 commenced drilling on November 9, 2009 and was drilled to a total vertical depth of
11,681 feet on December 16, 2009. Well logs indicated 97 feet of potential net oil pay in the
Lower Sand 3 formation and 13 feet of potential net oil pay in the Upper Mirador. The well
commenced production at over 11,500 bopd of 44 degree API oil with less then 1% water cut.
11,681 feet on December 16, 2009. Well logs indicated 97 feet of potential net oil pay in the
Lower Sand 3 formation and 13 feet of potential net oil pay in the Upper Mirador. The well
commenced production at over 11,500 bopd of 44 degree API oil with less then 1% water cut.
§ Candelilla-2 well commenced drilling on December 26, 2009 and was drilled to a total vertical
depth of 11,740 feet on January 31, 2010. Well logs indicate 88 feet of potential net oil pay in the
Lower Sand 3 formation and 51 feet of potential net oil pay from three separate sands in the
Guadalupe formation. The well commenced production at over 15,800 bopd of 43 degree API
with less then a 1% water cut.
depth of 11,740 feet on January 31, 2010. Well logs indicate 88 feet of potential net oil pay in the
Lower Sand 3 formation and 51 feet of potential net oil pay from three separate sands in the
Guadalupe formation. The well commenced production at over 15,800 bopd of 43 degree API
with less then a 1% water cut.
§ Candelilla-3 well commenced drilling on February 18, 2010 and was drilled to a total measured
depth of 12,162 feet in under 30 days. Well logs indicate 50 feet of potential net oil pay in the
Lower Sand 3 and 46 feet of potential oil pay in two separate intervals in the Guadalupe
formation. The well commenced production at over 15,600 bopd of 43 degree API with less then a
1% water cut.
depth of 12,162 feet in under 30 days. Well logs indicate 50 feet of potential net oil pay in the
Lower Sand 3 and 46 feet of potential oil pay in two separate intervals in the Guadalupe
formation. The well commenced production at over 15,600 bopd of 43 degree API with less then a
1% water cut.
§ Yatay-1 well commenced drilling on November 19, 2010 and was put on production on January 4,
2011. Well logs indicate 114 feet of potential oil pay in the Lower 3 sand. The well commenced
production at over 10,440 bopd of 43 degree API with less then a 1% water cut under natural flow.
The well produced over 1.1 million barrels of oil in its first 4 months of production.
2011. Well logs indicate 114 feet of potential oil pay in the Lower 3 sand. The well commenced
production at over 10,440 bopd of 43 degree API with less then a 1% water cut under natural flow.
The well produced over 1.1 million barrels of oil in its first 4 months of production.
Source: Petrominerales.com
42
Corcel
Candelilla
Apiay / Suria Area
3D Seismic
(205 sm)
CPO 4
(540 sm)
New 3D Areas
Yatay - 1 well
43
Tamandua #1 Well Status
§ The well was spudded on July 12, 2011 with a proposed target depth of 16,300’.
§ The well was drilled to 6,830’and casing was set for the first section of the well.
Upon drilling the Lower Carbonera section of the well, the well encountered a
significant kick from the uppermost pay sand expected in the well (the C-7) between
the interval of approximately 12,200’ to 12,500’.
Upon drilling the Lower Carbonera section of the well, the well encountered a
significant kick from the uppermost pay sand expected in the well (the C-7) between
the interval of approximately 12,200’ to 12,500’.
§ Upon re-entering the hole following a bit change from approximately 13,626’ the drill
pipe got stuck and twisted off below casing. Operator made a decision to sidetrack
the well.
pipe got stuck and twisted off below casing. Operator made a decision to sidetrack
the well.
§ Drilling is underway in the side tracked hole with new modified well program.
§ We believe a significant amount of geologic risk has been reduced in the well and are
encouraged about the prospects of our lower sands due to the tendency of stacked
pay sequences in this area in the Llanos Basin.
encouraged about the prospects of our lower sands due to the tendency of stacked
pay sequences in this area in the Llanos Basin.
Source: Petrominerales.com
44
Appendix
45
46
Management Biography
John F. Terwilliger, President and CEO
John F. Terwilliger has served as the Company's President, Chairman and Chief Executive Officer since its
inception in April 2001. From 1988 to 2001, Mr. Terwilliger served as Chairman of the Board and President of
Moose Oil and Gas Company, a Houston based exploration and production company focused on operations in the
Texas Gulf Coast region. Prior to 1988, Mr. Terwilliger was Chairman of the Board and President of Cambridge Oil
Company, a Texas based exploration and production company. John is a member of the Houston Geological
Society, Houston Producers Forum, Independent Petroleum Association of America and the Society of Petroleum
Engineers.
inception in April 2001. From 1988 to 2001, Mr. Terwilliger served as Chairman of the Board and President of
Moose Oil and Gas Company, a Houston based exploration and production company focused on operations in the
Texas Gulf Coast region. Prior to 1988, Mr. Terwilliger was Chairman of the Board and President of Cambridge Oil
Company, a Texas based exploration and production company. John is a member of the Houston Geological
Society, Houston Producers Forum, Independent Petroleum Association of America and the Society of Petroleum
Engineers.
James J. Jacobs -Chief Financial Officer
James “Jay” Jacobs has served as the Company’s Chief Financial Officer since joining the Company in July 2006.
From April 2003 until joining the Company in July 2006, Mr. Jacobs served as an Associate and as Vice President
in the Energy Investment Banking division at Sanders Morris Harris, Inc., an investment banking firm
headquartered in Houston Texas, where he specialized in energy sector financings and transactions for a wide
variety of energy companies. Prior to joining Sanders Morris Harris, Mr. Jacobs worked as a financial analyst for
Duke Capital Partners where he worked on the execution of senior secured, mezzanine, volumetric production
payment, and equity transactions for exploration and production companies. Prior to joining Duke Capital Partners,
Mr. Jacobs worked in the Corporate Tax Group of Deloitte and Touché LLP. Mr. Jacobs holds a B.B.A. and a
Masters in Professional Accounting from the McCombs School of Business at the University of Texas in Austin and
is a Certified Public Accountant.
From April 2003 until joining the Company in July 2006, Mr. Jacobs served as an Associate and as Vice President
in the Energy Investment Banking division at Sanders Morris Harris, Inc., an investment banking firm
headquartered in Houston Texas, where he specialized in energy sector financings and transactions for a wide
variety of energy companies. Prior to joining Sanders Morris Harris, Mr. Jacobs worked as a financial analyst for
Duke Capital Partners where he worked on the execution of senior secured, mezzanine, volumetric production
payment, and equity transactions for exploration and production companies. Prior to joining Duke Capital Partners,
Mr. Jacobs worked in the Corporate Tax Group of Deloitte and Touché LLP. Mr. Jacobs holds a B.B.A. and a
Masters in Professional Accounting from the McCombs School of Business at the University of Texas in Austin and
is a Certified Public Accountant.
Kenneth A. Jeffers - Senior Vice President of Exploration
Kenneth “Ken” Jeffers brings to Houston American Energy 28 years of oil and gas industry experience. Mr. Jeffers
began his career as an exploration geophysicist with Mobil Oil, later serving as a staff geophysicist and senior
geophysicist with such companies as Anadarko Petroleum, Pennzoil and Hunt Oil and Vice President Geophysics
at Goodrich Petroleum Corp. Prior to his appointment as Senior Vice President of Exploration, Mr. Jeffers worked
with Houston American for six months as a consultant focusing on identification of prospects on the Company’s
large Colombian acreage position.
began his career as an exploration geophysicist with Mobil Oil, later serving as a staff geophysicist and senior
geophysicist with such companies as Anadarko Petroleum, Pennzoil and Hunt Oil and Vice President Geophysics
at Goodrich Petroleum Corp. Prior to his appointment as Senior Vice President of Exploration, Mr. Jeffers worked
with Houston American for six months as a consultant focusing on identification of prospects on the Company’s
large Colombian acreage position.
47
Lee Tawes
Mr. Tawes is Executive Vice President, Head of Investment Banking and a Director of Northeast Securities, Inc. Prior to
joining Northeast Securities, Mr. Tawes held management and research analyst positions with C.E. Unterberg, Towbin,
Oppenheimer & Co. Inc., CIBC World Markets and Goldman Sachs & Co. from 1972 to 2001. Mr. Tawes has served as a
Director of Baywood International, Inc. since 2001 and of GSE Systems, Inc. since 2006. Mr. Tawes is a graduate of Princeton
University and received his MBA from Darden School at the University of Virginia
joining Northeast Securities, Mr. Tawes held management and research analyst positions with C.E. Unterberg, Towbin,
Oppenheimer & Co. Inc., CIBC World Markets and Goldman Sachs & Co. from 1972 to 2001. Mr. Tawes has served as a
Director of Baywood International, Inc. since 2001 and of GSE Systems, Inc. since 2006. Mr. Tawes is a graduate of Princeton
University and received his MBA from Darden School at the University of Virginia
Stephen Hartzell
Since 2003, Mr. Hartzell has been an owner/operator of Southern Star Exploration, LLC, an independent oil and gas
company. From 1986 to 2003, Mr. Hartzell served as an independent consulting geologist. From 1978 to 1986, Mr. Hartzell
served as a petroleum geologist, division geologist and senior geologist with Amoco Production Company, Tesoro Petroleum
Corporation, Moore McCormack Energy and American Hunter Exploration. Mr. Hartzell received his B.S. in Geology from
Western Illinois University and an M.S. in Geology from Northern Illinois University.
company. From 1986 to 2003, Mr. Hartzell served as an independent consulting geologist. From 1978 to 1986, Mr. Hartzell
served as a petroleum geologist, division geologist and senior geologist with Amoco Production Company, Tesoro Petroleum
Corporation, Moore McCormack Energy and American Hunter Exploration. Mr. Hartzell received his B.S. in Geology from
Western Illinois University and an M.S. in Geology from Northern Illinois University.
John Boylan
Mr. Boylan has served as a financial consultant to the oil and gas industry since January 2008. Mr. Boylan served as a
manager of Atasca Resources, an independent oil and gas exploration and production company, from 2003 through 2007.
Previously, Mr. Boylan served in various executive capacities in the energy industry, including both the exploration and
production and oil services sectors. Mr. Boylan’s experience also includes work as a senior auditor for KPMG Peat Marwick
and a senior associate project management consultant for Coopers & Lybrand Consulting. Mr. Boylan holds a B.B.A. with a
major in Accounting from the University of Texas and an M.B.A. with majors in Finance, Economics and International Business
from New York University.
manager of Atasca Resources, an independent oil and gas exploration and production company, from 2003 through 2007.
Previously, Mr. Boylan served in various executive capacities in the energy industry, including both the exploration and
production and oil services sectors. Mr. Boylan’s experience also includes work as a senior auditor for KPMG Peat Marwick
and a senior associate project management consultant for Coopers & Lybrand Consulting. Mr. Boylan holds a B.B.A. with a
major in Accounting from the University of Texas and an M.B.A. with majors in Finance, Economics and International Business
from New York University.
Dr. Richard J. Howe
Dr. Howe began his energy career at Shell Oil Company where he designed and built offshore mobile drilling units and
production platforms. During Dr. Howe’s time with Shell, he was one of the founding Directors of the Offshore Technology
Conference (“OTC”), which is now the world’s foremost event for the development of offshore oil and gas resources. After
leaving Shell Oil Company, Dr. Howe spent 20 years with Exxon where he was responsible for Exxon’s oil production in Lake
Maracaibo, Venezuela. Upon leaving Venezuela, Dr. Howe became General Manager of oil and gas drilling and production
research for Exxon worldwide. His final assignment with Exxon was as Public Relations Manager. Upon leaving Exxon, Dr.
Howe joined Pennzoil where he served as President and Chief Operating Officer until his retirement.
production platforms. During Dr. Howe’s time with Shell, he was one of the founding Directors of the Offshore Technology
Conference (“OTC”), which is now the world’s foremost event for the development of offshore oil and gas resources. After
leaving Shell Oil Company, Dr. Howe spent 20 years with Exxon where he was responsible for Exxon’s oil production in Lake
Maracaibo, Venezuela. Upon leaving Venezuela, Dr. Howe became General Manager of oil and gas drilling and production
research for Exxon worldwide. His final assignment with Exxon was as Public Relations Manager. Upon leaving Exxon, Dr.
Howe joined Pennzoil where he served as President and Chief Operating Officer until his retirement.
Board of Directors