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Houston American Energy Corp. Message Board

  • dukienyc dukienyc Dec 20, 2011 2:04 PM Flag

    DRILLING UPDATE

    As reported in Houston American Energy Corp’s (the “Company”) Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, drilling operations on the Company’s first well on block CPO-4 in Colombia, the Tamandua #1 with a projected target depth of 16,300 feet, commenced in July 2011 and was subsequently sidetracked to address drilling issues associated with high pressure and inflows of hydrocarbons into the well bore.


    As of December 19, 2011, the Tamandua #1 sidetrack well has been drilled to 13,989 feet which is believed to be within 50 feet of the top of the Mirador Formation, the first of the well’s four primary objective sands. While drilling the secondary objectives in the sidetrack, the C-7 and C-9 formations, we experienced strong hydrocarbon shows and an inflow of gas. As indicated by the Logging While Drilling (“LWD”) data, the well encountered approximately 200 feet of net resistive sands in the C-7 formation and approximately 140 feet of net resistive sands in the C-9 formation (resistive sands do not necessarily mean pay). While the results of the well so far are showing the presence of hydrocarbons in the C7 and C9 sands, it is not easy to verify the quality and quantity of hydrocarbons in the formations due to the lack of porosity data (porosity data was not obtained due to well conditions). For the last several weeks we have been trying to condition the hole to run a 7 inch liner from the casing point at 11,642 feet to the bottom of the hole at 13,989 feet. During this time we continually increased the mud weight from approximately 12 pounds to 15+ pounds in an attempt to eliminate the presence of hydrocarbons in the mud and to control the wellbore. The presence of stronger than expected pressure and hydrocarbon flows into the wellbore have necessitated replacing the surface equipment with more substantial blow out preventers and manifolds that can safely withstand the much stronger than originally anticipated pressures. Once the new equipment is in place, the 7 inch liner will be run from the casing point at 11,642 feet to the bottom of the hole at 13,989 feet.


    After the liner has been run, the next step will be to drill the well down to the projected total depth of about 16,300 feet. It should be noted that while we are very encouraged by the response of the C-7 and C-9 sands found in this well, the primary objectives still lie ahead of us between 13,989 feet and 16,300 feet. These include the Mirador, Barco, Guadalupe and Une which are significant producers in the Llanos Basin. Despite the information derived from the Tamandua#1 and Tamandua #1 sidetrack, there is no assurance that we will locate hydrocarbons in sufficient quantities to be commercially viable.

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    • Crude Oil = $89.01 ((+$2.09)) +2.40% ..................

    • 51.5 million bbl? That would be a total of $6.18 billion at today's oil price

    • Lots of gas, but you want to know about oil!

    • For a non oil expert, i realize the high pressures indicate large gas volumes. Does it give any indication of oil as well at this stage?
      I appologize for ignorance shown , but need to be enlightened. I own substantial march calls and stock in this company.

    • Well here’s my take for what its worth…. So far they are 2 for 2 and as they got deeper the pressure increased to such a level that they “need a bigger boat”…. The new BOP is neither a small piece of equipment (>50k lbs) nor a small expense and a decision that was not taken lightly – it would not be put in place for anything other than the expectation of even greater pressure and those of us w/geological backgrounds know exactly why that is…. As to Wednesdays action in the stock, if you saw the movie Margin Call, that’s probably about what took place… I believe some institution or fund needed to raise cash, probably due to poor performance and the need to meet redemptions, or perhaps they are closing shop at year-end so they came out w/a mkt order to sell something in the neighborhood of 300K shares before noon…. no surprise to see the MMs mark it down the way they did as the trader was probably some kid who tipped his hand…. Personally, I took that opportunity to buy some stock cheap – and btw it looks like Yard was right – they made an announcement and Santa showed up – his present was the opportunity to buy stock at $10! – a gift that I believe will pay handsomely over the next 6-18 months… Happy Holidays to all and looking forward to next year – It should be a good one….

    • I will wait for your analysis but I think I will double down.

    • I am traveling and will write a quick analysis this afternoon. The potential is huge and I will illustrate it later. However, I will feel more comfortable when they get the C-7 and C-9 stabilized.

    • Read the details, ask your oil investment expert. This is more than we ever dreamed of. And the Columbia announced their new "we love you-you love us" foreign policy. This CEO rocks. I don't know him but look what he has done for us. Happy holidays.....god bless Mr. T.

    • Does anyone think they will be able to get to the main objective? There is obviously strong oil/naturalgas shows and it looks like its preventing them from getting to TD. They've been drilling this well for what.. 6 months? Why wouldn't you just put this well online right now? This looks like a monster well.

      • 1 Reply to bonetraill
      • When reading these official SEC reports, it is important to note that lawyers have to make sure that all disclaimers are in place. Reading between the lines and understanding management's previous reports, I believe this is extremely significant news. HUSA will go to target depth and go for the big resevoirs in the bottom 4 zones.
        Do not underestimate the significance of the well results so far. 340 feet of potential payzone is HUGE. Find a 34 story building and look up -- that's how tall the combined dome is.

    • Does anyone think they will be able to get to the main objective? There is obviously strong oil/naturalgas shows and it looks like its preventing them from getting to TD. They've been drilling this well for what.. 6 months? Why wouldn't you just put this well online right now? This looks like a monster well.

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HUSA
0.21+0.01(+3.35%)Jan 26 4:00 PMEST

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