On Feb. 9, Houston American Energy Corp. said it completed the $986,000 acquisition of a 25% working interest in two lease blocks in Reeves County, Texas, from Founders Oil & Gas II LLC.
The cost per acre was $5,500 for the 717.25 acres in the Delaware Basin in West Texas. Founders will likely acquire additional adjacent acreage in the coming weeks, the press release said, noting that Houston American would acquire an interest in the same--bringing the total acreage position to about 800 gross acres.
Founders will be the operator. Drilling of an initial well targeting potential resources in the Delaware Basin will likely begin by July 1.
Houston American Energy Corp. is based in Houston.
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