Houston American Energy (US:HUSA)2024-05-15 21:17Revenue and Production - Total oil and gas revenues decreased 36% to $147,686 for the three months ended March 31, 2024, compared to $230,024 for the same period in 2023[59]. - Net oil production decreased by 38% to 1,393 Bbl, and net gas production decreased by 28% to 12,686 Mcf for the three months ended March 31, 2024[60]. Expenses - Lease operating expenses increased 43% to $163,030 during the three months ended March 31, 2024, from $113,686 during the same period in 2023[61]. - General and administrative expenses increased by 25% to $307,140 during the three months ended March 31, 2024, compared to $245,374 in the same period in 2023[64]. Investments and Distributions - Capital investment expenditures totaled $430,803 during the quarter ended March 31, 2024, attributed to investments in Hupecol Meta[57]. - Distributions from equity investment in Hupecol Meta totaled $361,216 for the three months ended March 31, 2024[58]. Cash Flow and Balance - Cash balance at March 31, 2024, was $3,751,149, down from $4,059,182 at December 31, 2023[67]. - Operating activities provided $122,770 of cash during the three months ended March 31, 2024, compared to $19,243 during the same period in 2023[68]. Liabilities and Future Plans - Long-term liabilities decreased to $114,685 at March 31, 2024, from $134,167 at December 31, 2023[71]. - The company plans to drill one additional vertical well on the CPO-11 block by mid-2024, pending Hupecol's evaluation of asset monetization[56].