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Houston American Energy Corp. (NYSE American:HUSA) has completed the sale of its approximate 18% membership interest in Hupecol Meta (NASDAQ:META) LLC to Andes Operating Company LLC, as reported in a recent SEC filing. The transaction, which took place on February 25, 2025, involved the sale of the company’s stake for a nominal amount of $1.00 and included the assumption of all related liabilities by the buyer. The company’s stock has declined 8% over the past week, according to InvestingPro data.
This strategic move comes after the company’s Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2024, which disclosed an impairment charge of $6,392,874 related to its investment in Hupecol Meta. The sale confirms the impairment charge, as the company’s interest was sold for a minimal amount, indicating the value had been fully impaired. InvestingPro data reveals concerning metrics, including negative EBITDA of $2.41M and gross profit margins of -33.45% for the last twelve months.
Houston American Energy Corp., headquartered in Houston, Texas, is a company engaged in the exploration and production of oil and natural gas. The decision to dispose of the assets aligns with the company’s broader strategy to manage its portfolio and streamline operations.
The information regarding this transaction is based on the company’s 8-K filing with the Securities and Exchange Commission.
In other recent news, Houston American Energy Corp. has announced several notable developments. The company appointed Peter Longo as its new Chief Financial Officer, effective February 18, 2025. Longo, who has been serving as the Chief Executive Officer since November 2024, will continue in his dual roles. Additionally, the company has entered into indemnification agreements with its directors and officers, designed to provide legal and financial protection against potential liabilities. This move aims to bolster confidence among the company’s leadership by mitigating personal financial risks associated with their roles.
Furthermore, the company disclosed the upcoming resignation of John Terwilliger from its board of directors, effective January 1, 2025. Despite stepping down from the board, Terwilliger will continue to serve as an advisor to the CEO. The company has not yet announced a successor for Terwilliger on the board. These recent changes have been filed with the Securities and Exchange Commission, reflecting Houston American Energy’s ongoing efforts to strengthen its governance and leadership structure.
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