Home Financial Markets Why Houston American Energy Corp. (HUSA) stock lost its positive momentum in...

Why Houston American Energy Corp. (HUSA) stock lost its positive momentum in the after-hours on Wednesday?

Houston American Energy Corp. (HUSA) shares lost 12.90% in after-hours on Wednesday, June 30, 2021, and closed the day at $2.16 per share. earlier in the morning session, HUSA’s stock surged 48.50% to close Wednesday’s normal trading session at $2.48 per share. HUSA shares have risen 41.71% over the last 12 months, and they have moved up 29.17% in the past week. Over the past three months, the stock has gained 22.77%, while over the past six months, it has declined 49.40%.

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Let’s see was there any reason behind its loss in the after-hours on Wednesday?


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HUSA annual meeting again adjourned

On June 10, 2021, Houston American Energy Corp adjourned its annual meeting of stockholders until Thursday, July 22, 2021, at 10:00 a.m., central time.

Originally it was scheduled for June 15, 2021, at 10:00 a.m., central time.

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Redemption of Preferred Stock

On March 4, 2021, Houston American Energy Corp announced the redemption of all outstanding shares of its 12% Series A Convertible Preferred Stock and 12% Series B Convertible Preferred Stock.

The redemption of its preferred stock was funded by the $1.97 million of proceeds from sales of common stock under its At-the-Market Sales Issuance Agreement.

Management Changes

On November 12, 2020, Houston American Energy Corp announced certain management changes.

The company’s President and Chief Executive Officer, James Schoonoverstepped down from those positions on December 1, 2021, and Mr Schoonoverbecame the Interim President and Chief Executive Officer.

Energy Update

On September 3, 2020, Houston American Energy Corp provided an update on recent activities on its U.S. Permian Basin acreage.

  • The company completed the Frost #2-H frac in Yoakum County, TX and the well is expected to go on production within a week. Houston American Energy holds an 18.6% working interest in the well.
  • The total acreage block has been increased from 5,871 acres to 6,336 acres in Hockley County, TX.Houston American Energy owns 20% of the block. 

Conclusion

Well as of this writing, we have no recent update about its exceptional surge in the morning session on Wednesday and later its loss in the after-hours session.

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About the company

Houston American Energy Corp is an oil and gas exploration and production company with interests in oil and natural gas wells, minerals, and prospects in the U.S. Permian Basin, the onshore Gulf Coast Region, principally Texas and Louisiana, and on the development of concessions in the South American country of Colombia.

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