Houston American Energy (HUSA) Moves Up On Asset Sale News
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Houston American Energy (AMEX: HUSA) is moving higher early Monday following the disclosure that on March 26, 2012 it announced the sale to GeoPark Llanos S.A.S, a wholly-owned subsidiary of GeoPark Holdings Ltd. of HupecolCuerva, LLC (HC LLC), which holds interests in the La Cuerva block and, pending approval of the Colombian authorities, the LLA 62 block, together covering approximately 90,000 acres in the Llanos Basin in Colombia.
HC, LLC sold for $75 million, adjusted for working capital. 13.3% of the sales price of HC, LLC will be held in escrow to fund potential claims arising from the sale. Pursuant to its 1.6% ownership interest in HC, LLC, Houston American will receive 1.6% in the net sale proceeds after deduction of commissions, overriding royalty interest, and transaction expenses; subject to the escrow holdback and a further contingency holdback by Hupecol of 1.3% of the sales price. Following completion of the sale of HC, LLC, Houston American will have no continuing interest in the La Cuerva and LLA 62 blocks.
HC, LLC sold for $75 million, adjusted for working capital. 13.3% of the sales price of HC, LLC will be held in escrow to fund potential claims arising from the sale. Pursuant to its 1.6% ownership interest in HC, LLC, Houston American will receive 1.6% in the net sale proceeds after deduction of commissions, overriding royalty interest, and transaction expenses; subject to the escrow holdback and a further contingency holdback by Hupecol of 1.3% of the sales price. Following completion of the sale of HC, LLC, Houston American will have no continuing interest in the La Cuerva and LLA 62 blocks.
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