Houston American (HUSA) Shares Break Out as Co. Says Bankruptcy Rumors 'Unfounded'

Shares of Houston American Energy (AMEX: HUSA) have rallied by more than 18 percent over the last half hour or so of trade as the company issued an update on the status of its Tamandua #1 well and also addressed a recent rumor. The company said it has "more than adequate cash on hand" and bankruptcy claims were "unfounded."

The stock has broken above resistance around $6 and around $6.50 since the move higher. Houston American shares last traded at $6.66.

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