HOUSTON, Texas – Houston American Energy Corp (NYSE American: HUSA), a crude petroleum and natural gas company, announced the upcoming resignation of John Terwilliger from its board of directors, effective January 1, 2025.
According to InvestingPro data, the company currently operates with moderate debt levels and maintains strong liquidity, with current assets exceeding short-term obligations by more than 10 times. The news comes following a mutual agreement that will see Terwilliger continue his advisory role to the Chief Executive Officer indefinitely, past his initial advisory term which was set to conclude at the end of this year.
The departure of Terwilliger, who has been a significant figure in the company's leadership, was disclosed in a filing with the Securities and Exchange Commission on Monday. InvestingPro analysis reveals that the company faces profitability challenges, with negative EBITDA of $1.48 million in the last twelve months and revenue declining by approximately 27%.
Subscribers can access 6 additional key ProTips about HUSA's financial health and market position. The reasons for his resignation were not detailed in the report. However, it was noted that he will maintain his influence within the company by providing ongoing counsel to the CEO, Peter Longo.
The Texas-based energy firm, incorporated in Delaware, has not yet announced a successor for Terwilliger on the board. The company's corporate governance and strategic direction are likely to be influenced by his continued advisory role, although the specifics of his future contributions have not been made public.
As the company prepares to enter the new year with this change in its board composition, the industry will be observing how this affects the company's strategy and performance amidst the evolving energy landscape. Recent market data shows the stock trading between $0.96 and $2.57 over the past 52 weeks, with a notable return of 4.84% over the last six months despite challenging market conditions.
In other recent news, Houston American Energy Corp. has announced the appointment of Stephen Hartzell as its Acting Chief Financial Officer (CFO). Hartzell, who is currently the Chairman of the Board and a member of the Audit and Compensation Committees, will assume the additional role without any extra compensation.
With a career spanning over four decades in the oil and gas sector, Hartzell brings valuable experience to the position, having held roles at notable companies such as Amoco Production Company and Tesoro (LON:0JYA) Petroleum Corporation.
This appointment comes as the company continues to navigate the evolving energy landscape. No further details regarding the duration of Hartzell's acting role or any future plans for a permanent CFO appointment have been disclosed.
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