Indie buys Colombia stake
US indie Houston American Energy has acquired a 12.5% working interest with an 11.25% net revenue interest in the Tambaqui association contract in Colombia.
The concession, which is subject to a reversionary interest by state oil company Ecopetrol, covers approximately 90,000 acres. It has an estimated 500,000 barrels of oil as proven producing reserves and over 7.4 million barrels of proven undeveloped reserves.
In addition to an existing producing well, the company expects to drill as many as three development probes offsetting existing production with the first expected to be drilled in March.