trades american stock exchange: “hgo” may 2007 houston american energy corp

Trades American Stock Exchange: “HGO”May 2007

HOUSTON AMERICAN ENERGY CORP

2

HOUSTON AMERICAN ENERGY

Disclaimer

This presentation material contains forward-looking statements within the meaning of Section 27a of the

Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended.

The opinions, forecasts, projections or other statements, other than statements of historical fact, are

forward-looking statements. Although the company believes that the expectations reflected in such

forward-looking statements are reasonable, they do involve a number of risks and uncertainties. Among

the important factors that could cause actual results to differ materially from those indicated by such

forward-looking statements are delays and difficulties in developing currently owned properties, the failure

of exploratory drilling to result in commercial wells, delays due to the limited availability of drilling

equipment and personnel, fluctuations in oil and gas prices, general economic conditions and the risk

factors detailed in our periodic reports and registration statements filed with the Securities and Exchange

Commission.

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Executive Summary

Houston American Energy Corp Snapshot

Houston, TX Office:

Houston American Energy801 Travis, Suite 2020Houston, TX 77002

Trading Overview

Stock Symbol – AMEX: HGO

Current Share Price (as of 4/21/2007) – US $5.45

Fully Diluted Shares Outstanding – 27.8 million

Market Capitalization – $151.5 million

Long Term Debt – $0.0 million

Average 3 Month Daily Volume ~ 100,000

Insider Ownership – 47.0%

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Company Overview

• Houston American is a growth-oriented independent energy company engaged in the exploration, development and production of crude oil and natural gas resources

• Focused operations in Colombia and U.S. Onshore Gulf Coast region

Current production of approximately 500 barrels of oil equivalent per day

Participated in drilling of 38 wells in Colombia and 19 wells in the Gulf Coast to date

• Significant concessions in Colombia with substantial drilling inventory identified by advanced 3-D seismic interpretation

Over 790,000 gross acres with more than 100 currently identified drilling locations

Plan to participate in 31 wells in Colombia during 2007

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Management and Board of Directors

John F. Terwilliger Chairman and Chief Executive Officer30 years of oil and gas

experience

James J. JacobsChief Financial Officer, and Director of New Business

Development

8 years of finance and

oil and gas experience

O. Lee Tawes, IIIExecutive Vice President, Northeast Securities;

Director, Baywood International

35 years of finance

experience

Edwin C. Broun, III Founder, Broun Energy, LLC

30 years of engineering

and oil and gas

experience

Stephen P. Hartzell Founder, Southern Star Exploration, LLC27 years of petroleum

geology experience

John P. Boylan

Founder, Boylan Energy Corporation,

Ex CEO of Birdwell Partners and Ex CFO Atasca

Resources

15 years of accounting

and oil and gas

experience

1. Not a member of the Board of Directors

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Business Strategy

• Explore and develop existing properties through the drillbit

Increase production and cash flow by drilling and completing identified well locations

Quantify value of our asset base through an aggressive testing and drilling program

Explore for and develop additional proved reserves on our 69,267 net acres

• Acquire additional interest in oil and gas properties through partnerships and joint ventures with experienced operators

Target acquisitions that enhance our core areas

Focus on high impact, lower risk drilling prospects

• Capitalize on the expertise, experience and strategic relationships of the management team and board of directors

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Overview of Colombia

• President Alvaro Uribe Velez (re-elected

May 28, 2006) – Pro Business

• Main US ally in South America

• Population: 41,262,948

• Capital Bogotá: 7,000,000 citizens

• Exchange rate 2007: 2,210 COP$/US$

• Gross domestic product, GDP, 2005:

US$ 122.3 Billion

• Current Production of 530,000 barrels of oil

equivalent per day

• Estimated 1.8 billion barrels of oil equivalent

reserves remaining

Colombia

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Overview of Colombia (continued)

• Colombia is currently a net exporter (approximately 325,000

bbls/d) of crude oil, but the country's reserves and production

are declining

• To combat this decline, the Colombian government enacted a number of incentives aimed at attracting foreign investment in 2004:

Sliding scale royalty rates based on field size, with an

8% royalty rate for most fields

Government allows 100% company ownership of

production projects

Eliminated government back-in rights on new

concessions

Vastly improved security environment - President Uribe

on offensive with broad popular support. Military

increased 273,000 to 370,000 personnel in 2 years.

US assistance at US$600 million/year

Progressive Colombia fiscal changes similar to those in

UK which spurred renewed interest in the North Sea

• Additionally, Colombia is moving away from other leftist

countries in South America and is considering selling up to

20% of Ecopetrol, its State run oil company

• Colombia has a well developed infrastructure system

comprising of over 3,700 miles of crude and product pipelines.

This system is concentrated on transporting crude from the

main producing basins (Llanos and Magdalenas)

International E&P Fiscal Regimes

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rels

per

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Production

Consumption

Net Exports

Colombia’s Oil Production/Consumption

Source: EIA, Herolds

Source: PEPS-UGS and calculations ANH

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Llanos Basin

• The Llanos Basin covers an area of approximately 125,000 square miles

• Its primary geologic formations are: the Upper Cretaceous, Paleocene and Eocene

• There are currently more than 25 operators located in the Llanos Basin

Colombia

Source: Wood Mackenzie

Other Llanos Basin Operators

• The Llanos Basin is one of the most active basins in Colombia

• 22 exploration wells were drilled in Colombia during 2004, with the largest field discovery in the Llanos Basin, discovered by the Bengala 2 well (Hupecol well)

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• Operator: Hupecol

• Hupecol has acquired significant concessions in

the Llanos Basin since starting the company in

April 2001. The following are HGO’s effective

working interests based on its indirect ownership

interests in Hupecol:

Estimated net EUR to HGO of identified Colombian

prospects >80mmboe

Two rigs currently running with existing

infrastructure in place

Completion rig under contract as of March 2007

• Current net production of 450 boe/d

Colombia Operations

•Cara Cara 1.6% W.I.

•Tambaqui 12.6% W.I.

•Dorotea 12.5% W.I.

•Leona 12.5% W.I.

•Cabiona 12.5% W.I.

•Surimena 6.25% W.I.

•Caramita 12.5% W.I.

•Las Garzas 12.5% W.I.

Colombia Operations

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• HGO’s operations are primarily focused in the Llanos

Basin in Colombia, where it has assembled leases for

68,303 net acres in multiple project areas1

• HGO’s proved reserve acreage represents less than 1%

of its total acreage position in Colombia. 2

• Hupecol currently has a seismic inventory covering

approximately 195,000 acres, with additional seismic

shoots underway on an estimated 75 square miles.

Additional 3D seismic planned for early 2008.

1. Based on the company’s 12/31/05 10-K.

2. Based on total acreage of 105,418 as of the 12/31/05 10-K

Colombia Acreage Overview

Colombian Gross

Project Acreage

Cara Cara 232,500

Tambaqui 4,403

Dorotea 51,321

Cabiona 86,066

Surimena 69,189

Las Garzas 103,784

Leona 70,343

Caramita 166,301

Total 783,907

Proved Reserve Distribution 2

Acreage Remaining

Acreage

Assigned

Proven

Reserves,

<1% of

total

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0

50

100

150

200

250

300

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 1

0

Year 1

1

Year 1

2

Year 1

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Year 1

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Year 1

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Net

Mb

bl p

er y

ear

• Well Cost: $1,500,000 - $2,500,000

• Reserves Per Well: 1.0 - 4.0 MMboe

• F&D Cost: $0.38 - $2.50/ boe

• Reserve Life: 10 - 15 years

• IRR at $60/bbl, $2,500,000 well cost:

2,000 BOE per day, ~1,000%

1,500 BOE per day, ~750%

1,000 BOE per day, ~500%

• Payback: Approximately 2 - 6 months

Typical Well Decline Curve, 1.5 MMboe

Forecasted Well Economics - Colombia

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Forecasted Well Economics – Colombia (continued)2,500 barrels per day and $60.00 WTI pricing

Assumptions: Economics: Total Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

Lifting Cost ($/bbl) $3.00 Capital Cost ($M) 2,500$ Colombia Overhead ($/bbl) $0.10 WTI Oil Price 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ Transportation Cost $7.00 Realized Oil Price at Point of Sale 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ WTI Differential 90.0% End Period Prod (bbl/d) 2047 1676 1372 1123 920 753 616 505 413 338 277Colombian Income Tax 34.0% Decline (% of Year 1) 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%Initial Peak Production (bls/d) 2,500 Net Production (mbbl) 4,051 736 603 493 404 331 271 222 182 149 122 100Net Revenue Interest 89.0% Revenue ($M) $218,730 $39,748 $32,543 $26,644 $21,814 $17,860 $14,622 $11,972 $9,802 $8,025 $6,570 $5,379Decline Rate #1 20.0% LOE ($M) $12,152 $2,208 $1,808 $1,480 $1,212 $992 $812 $665 $545 $446 $365 $299Discount Rate 10.0% Overhead ($M) $457 $83 $68 $56 $46 $37 $31 $25 $20 $17 $14 $11

DD&A ($M) $2,500 $454 $372 $305 $249 $204 $167 $137 $112 $92 $75 $61Transportation Cost $28,354 $5,152 $4,218 $3,454 $2,828 $2,315 $1,895 $1,552 $1,271 $1,040 $852 $697Net Income Pre Tax ($M) $175,268 $31,850 $26,076 $21,349 $17,479 $14,311 $11,717 $9,593 $7,854 $6,430 $5,265 $4,310

Initial Capital Costs $2,500,000 Colombian Income Tax ($39,896) $0 $0 ($7,259) ($5,943) ($4,866) ($3,984) ($3,262) ($2,670) ($2,186) ($1,790) ($1,466)Gross Reserves (Bbl) 4,050,560 Cash Flow ($M) (adds back DDA) $137,872 $32,304 $26,448 $14,395 $11,786 $9,649 $7,900 $6,468 $5,296 $4,336 $3,550 $2,906

Cash Flow ($/Bbl) $34.04 $43.89 $43.89 $29.18 $29.18 $29.18 $29.18 $29.18 $29.18 $29.18 $29.18 $29.18Finding and Discounted Cash Flow ($M) $93,511 $29,367 $21,858 $10,815 $8,050 $5,991 $4,459 $3,319 $2,470 $1,839 $1,369 $1,019

Development Costs ($/ Bbl) $0.62 Incremental F&D ($/Bble) $0.62

NPV ($M) $93,511*Assumes 30 year life, 92.0% NRI NPV/Bbl $23.09

IRR Calculation ($2,500) $32,304 $26,448 $14,395 $11,786 $9,649 $7,900 $6,468 $5,296 $4,336 $3,550 $2,906IRR 1272%

HGO Cash Flow Per Well ($M) (12.5% WI) (1) $4,038 $3,306 $1,799 $1,473 $1,206 $988 $809 $662 $542 $444 $363Cash Flow Per Share to HGO (28.0MM Shares) $0.14 $0.12 $0.06 $0.05 $0.04 $0.04 $0.03 $0.02 $0.02 $0.02 $0.01(1) Net Cash Flow before Corporate Overhead.

Economics of Typical Colombian Well

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Lifting Cost ($/bbl) $3.00 Capital Cost ($M) 2,500$ Colombia Overhead ($/bbl) $0.10 WTI Oil Price 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ Transportation Cost $7.00 Realized Oil Price at Point of Sale 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ WTI Differential 90.0% End Period Prod (bbl/d) 1637 1341 1098 899 736 602 493 404 331 271 222Colombian Income Tax 34.0% Decline (% of Year 1) 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%Initial Peak Production (bls/d) 2,000 Net Production (mbbl) 3,240 589 482 395 323 265 217 177 145 119 97 80Net Revenue Interest 89.0% Revenue ($M) $174,984 $31,798 $26,034 $21,315 $17,451 $14,288 $11,698 $9,577 $7,841 $6,420 $5,256 $4,303Decline Rate #1 20.0% LOE ($M) $9,721 $1,767 $1,446 $1,184 $970 $794 $650 $532 $436 $357 $292 $239Discount Rate 10.0% Overhead ($M) $365 $66 $54 $44 $36 $30 $24 $20 $16 $13 $11 $9

DD&A ($M) $2,500 $454 $372 $305 $249 $204 $167 $137 $112 $92 $75 $61Transportation Cost $22,683 $4,122 $3,375 $2,763 $2,262 $1,852 $1,516 $1,242 $1,016 $832 $681 $558Net Income Pre Tax ($M) $139,714 $25,389 $20,787 $17,019 $13,934 $11,408 $9,340 $7,647 $6,261 $5,126 $4,197 $3,436

Initial Capital Costs $2,500,000 Colombian Income Tax ($31,803) $0 $0 ($5,786) ($4,737) ($3,879) ($3,176) ($2,600) ($2,129) ($1,743) ($1,427) ($1,168)Gross Reserves (Bbl) 3,240,448 Cash Flow ($M) (adds back DDA) $110,411 $25,843 $21,159 $11,537 $9,446 $7,733 $6,332 $5,184 $4,244 $3,475 $2,845 $2,329

Cash Flow ($/Bbl) $34.07 $43.89 $43.89 $29.23 $29.23 $29.23 $29.23 $29.23 $29.23 $29.23 $29.23 $29.23Finding and Discounted Cash Flow ($M) $74,870 $23,494 $17,486 $8,668 $6,451 $4,802 $3,574 $2,660 $1,980 $1,474 $1,097 $816




HGO Cash Flow Per Well ($M) (12.5% WI) (1) $3,230 $2,645 $1,442 $1,181 $967 $791 $648 $531 $434 $356 $291Cash Flow Per Share to HGO (28.0MM Shares) $0.12 $0.09 $0.05 $0.04 $0.03 $0.03 $0.02 $0.02 $0.02 $0.01 $0.01(1) Net Cash Flow before Corporate Overhead.


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Lifting Cost ($/bbl) $3.00 Capital Cost ($M) 2,500$ Colombia Overhead ($/bbl) $0.10 WTI Oil Price 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ Transportation Cost $7.00 Realized Oil Price at Point of Sale 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ WTI Differential 90.0% End Period Prod (bbl/d) 1228 1005 823 674 552 452 370 303 248 203 166Colombian Income Tax 34.0% Decline (% of Year 1) 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%Initial Peak Production (bls/d) 1,500 Net Production (mbbl) 2,430 442 362 296 242 198 162 133 109 89 73 60Net Revenue Interest 89.0% Revenue ($M) $131,238 $23,849 $19,526 $15,986 $13,088 $10,716 $8,773 $7,183 $5,881 $4,815 $3,942 $3,228Decline Rate #1 20.0% LOE ($M) $7,291 $1,325 $1,085 $888 $727 $595 $487 $399 $327 $267 $219 $179Discount Rate 10.0% Overhead ($M) $274 $50 $41 $33 $27 $22 $18 $15 $12 $10 $8 $7

DD&A ($M) $2,500 $454 $372 $305 $249 $204 $167 $137 $112 $92 $75 $61Transportation Cost $17,012 $3,091 $2,531 $2,072 $1,697 $1,389 $1,137 $931 $762 $624 $511 $418Net Income Pre Tax ($M) $104,161 $18,928 $15,497 $12,688 $10,388 $8,505 $6,963 $5,701 $4,668 $3,822 $3,129 $2,562

Initial Capital Costs $2,500,000 Colombian Income Tax ($23,710) $0 $0 ($4,314) ($3,532) ($2,892) ($2,368) ($1,938) ($1,587) ($1,299) ($1,064) ($871)Gross Reserves (Bbl) 2,430,336 Cash Flow ($M) (adds back DDA) $82,951 $19,382 $15,869 $8,679 $7,105 $5,817 $4,763 $3,900 $3,193 $2,614 $2,140 $1,752

Cash Flow ($/Bbl) $34.13 $43.89 $43.89 $29.32 $29.32 $29.32 $29.32 $29.32 $29.32 $29.32 $29.32 $29.32Finding and Discounted Cash Flow ($M) $56,228 $17,620 $13,115 $6,520 $4,853 $3,612 $2,689 $2,001 $1,489 $1,109 $825 $614




HGO Cash Flow Per Well ($M) (12.5% WI) (1) $2,423 $1,984 $1,085 $888 $727 $595 $487 $399 $327 $268 $219Cash Flow Per Share to HGO (28.0MM Shares) $0.09 $0.07 $0.04 $0.03 $0.03 $0.02 $0.02 $0.01 $0.01 $0.01 $0.01(1) Net Cash Flow before Corporate Overhead.


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Lifting Cost ($/bbl) $3.00 Capital Cost ($M) 2,500$ Colombia Overhead ($/bbl) $0.10 WTI Oil Price 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ 60.00$ Transportation Cost $7.00 Realized Oil Price at Point of Sale 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ 54.00$ WTI Differential 90.0% End Period Prod (bbl/d) 819 670 549 449 368 301 247 202 165 135 111Colombian Income Tax 34.0% Decline (% of Year 1) 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%Initial Peak Production (bls/d) 1,000 Net Production (mbbl) 1,620 294 241 197 162 132 108 89 73 59 49 40Net Revenue Interest 89.0% Revenue ($M) $87,492 $15,899 $13,017 $10,657 $8,726 $7,144 $5,849 $4,789 $3,921 $3,210 $2,628 $2,152Decline Rate #1 20.0% LOE ($M) $4,861 $883 $723 $592 $485 $397 $325 $266 $218 $178 $146 $120Discount Rate 10.0% Overhead ($M) $183 $33 $27 $22 $18 $15 $12 $10 $8 $7 $5 $4

DD&A ($M) $2,500 $454 $372 $305 $249 $204 $167 $137 $112 $92 $75 $61Transportation Cost $11,342 $2,061 $1,687 $1,382 $1,131 $926 $758 $621 $508 $416 $341 $279Net Income Pre Tax ($M) $68,607 $12,467 $10,207 $8,357 $6,842 $5,602 $4,586 $3,755 $3,074 $2,517 $2,061 $1,687

Initial Capital Costs $2,500,000 Colombian Income Tax ($15,617) $0 $0 ($2,841) ($2,326) ($1,905) ($1,559) ($1,277) ($1,045) ($856) ($701) ($574)Gross Reserves (Bbl) 1,620,224 Cash Flow ($M) (adds back DDA) $55,490 $12,922 $10,579 $5,820 $4,765 $3,901 $3,194 $2,615 $2,141 $1,753 $1,435 $1,175

Cash Flow ($/Bbl) $34.25 $43.89 $43.89 $29.49 $29.49 $29.49 $29.49 $29.49 $29.49 $29.49 $29.49 $29.49Finding and Discounted Cash Flow ($M) $37,587 $11,747 $8,743 $4,373 $3,255 $2,422 $1,803 $1,342 $999 $743 $553 $412




HGO Cash Flow Per Well ($M) (12.5% WI) (1) $1,615 $1,322 $728 $596 $488 $399 $327 $268 $219 $179 $147Cash Flow Per Share to HGO (28.0MM Shares) $0.06 $0.05 $0.03 $0.02 $0.02 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01(1) Net Cash Flow before Corporate Overhead.


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Overview of Hupecol

• Privately held E&P company with offices in Colombia and Texas

• Hupecol’s managing partner currently operates approximately 15,700 barrels of oil equivalent

per day domestically in the U.S.

• Operates with an extensive staff of geologists, petroleum engineers, geophysical and

accounting professionals

• One of the more active independents operating in Colombia

• Hupecol currently produces approximately 18,000 barrels of oil equivalent per day in Colombia

• Hupecol was recently appointed to the Board of Directors of the Colombian Petroleum

Association General Assembly along with Perenco, Petrobras, ExxonMobil, Hocol, and Terpel

• Hupecol had 150% increase in production for years 2004-2006, which was the largest

percentage increase in production among producers in Colombia

• Hupecol had 6 exploratory discoveries in 2006, which was the most among all producers in

Colombia

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Colombian Budget

1. Capital Expenditures are estimated at $2.5 million per well.

Project Working InterestNumber of

Wells

Gross

Expenditure (1) ($000)

Net Capex ($000)

Caracara 1.6% 13 $32,500 $520

Dorotea 12.5% 2 $5,000 $625

Cabiona 12.5% 8 $20,000 $2,500

Las Garzas 12.5% 2 $5,000 $625

Leona 12.5% 2 $5,000 $625

Caramita 12.5% 4 $10,000 $1,250

3-D Seismic Surimena 12.5% N.A. $1,000 $125

3-D Seismic Cara Cara 1.6% N.A. $3,000 $48

Colombia Total 31 $81,500 $6,318

Domestic Budget

Crowley Prospect - Baronet #3 15.5% 1 $6,300 $976

Grand Total $7,294

Budget through December 2007

• Cash available for investing in Colombia ~ $12,500,000.

• 2007 budget is 25% funded as of March 15th 2007.

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Investment Considerations

• Uniquely positioned to capitalize on the improving environment for independent oil and gas companies in Colombia

Colombian government’s terms for foreign investment are improving

Pure-play small cap investment opportunity with exposure to Colombia

• Participating in successful drilling program led by Hupecol

Drilled 38 wells in Colombia with a 75% success rate to date

Wells drilled 2005, 2006, and 1st quarter 2007 – 21 out of 27 wells completed as producers for a 77% success rate

Significant acreage position in the prolific Llanos Basin in Colombia

• Low cost structure

Non-operator strategy allows for minimal corporate staff

Colombian properties have lower finding and development costs versus U.S. conventional reserves

• Experienced and incentivized management and board of directors with access to proprietary deal flow

• Simple capitalization structure

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Stock Price Performance

Average TotalPeriod Average Daily Volume Daily Closing Price

Period Start Date Close Volume Traded High LowLast 30 Days 1/29/2007 $4.24 83,021 2,407,613 $5.32 $3.35Last 60 Days 12/12/2006 $5.08 87,631 5,170,213 $7.95 $3.35Last 90 Days 10/30/2006 $5.16 97,446 8,672,713 $7.95 $3.35Last 120 Days 9/18/2006 $4.61 86,528 10,296,813 $7.95 $2.25

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

July 2006: List on

Amex (HGO)

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www.houstonamericanenergy.com

HOUSTON AMERICAN ENERGY CORP.

John Terwilliger Chairman and Chief Executive OfficerEmail : [email protected]: (713) 222-6966

James Jacobs Chief Financial OfficerEmail : [email protected]: (713) 222-6966

To view our recent ringing of the bell on the AMEX, please go to www.amex.com and click on “Bell Ringing Close Up”

mailto:[email protected]



http://www.amex.com/

trades american stock exchange: “hgo” may 2007 houston american energy corp

Documents

years of oil

broun energy

boylan energy corporation

forwardlooking statements

gas experience stephen

gas experience james

trades american stock

registration statements