Houston American Energy (US:HUSA)2024-08-14 20:06Revenue and Production - Total oil and gas revenues decreased 43% to $115,805 for the three months ended June 30, 2024, compared to $204,390 for the same period in 2023[38] - Average sales price of natural gas dropped 72%, while oil production decreased by 37% and natural gas production fell by 38%[38] Expenses - Lease operating expenses increased 40% to $142,203 during the three months ended June 30, 2024, from $101,714 during the same period in 2023[39] - General and administrative expenses decreased by 52% to $343,001 during the three months ended June 30, 2024, compared to $716,615 in the same period in 2023[42] Capital Expenditures and Investments - Capital investment expenditures totaled $766,216 during the quarter ended June 30, 2024, primarily for investments in Hupecol Meta[36] - The company received distributions totaling $292,926 and $654,142 for the three and six months ended June 30, 2024, respectively, from Hupecol Meta[37] Financial Position - At June 30, 2024, the company had a cash balance of $3,380,769 and working capital of $3,167,316, down from $4,059,182 and $3,917,231 at December 31, 2023[44] - Long-term liabilities decreased to $93,475 at June 30, 2024, from $134,167 at December 31, 2023[45] Future Plans - The company entered into a joint venture agreement with EOG Resources to drill six wells in the Wolfcamp formation, with an estimated cost of $550,000 for participation[32] - The company plans to drill one vertical well in the CPO-11 block in Colombia in the third quarter of 2024[35]