Houston American Energy (HUSA) Prices 14.8M Offering at $0.675/Unit

Houston American Energy Corp. (AMEX: HUSA) announced the pricing of a public offering of 14,814,815 units, with each unit consisting of one share of common stock and one Class A warrant and one Class B warrant to purchase shares of common stock, at a purchase price of $0.675 per unit. Each Class A warrant will have the right to purchase one-half share of common stock, will have an exercise price of $0.81 per share and will expire 6 months from the date of issuance. The Class B warrant will have the right to purchase one-half share of common stock, will have an exercise price of $0.90 per share and will expire 36 months from the date of issuance. C. K. Cooper & Company, Inc. acted as the placement agent for the offering.

Gross proceeds from the sale of the securities are expected to be approximately $10,000,000. Net proceeds from the sale of the securities after deducting placement agent fees and other offering expenses are expected to be approximately $9,225,000. The offering is subject to customary closing conditions and is expected to close on October 4, 2012.

The Company plans to use the net proceeds from the offering for general working capital purposes, including funding its share of costs of development of properties in which the Company holds interests.

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