Houston American Energy Corporation filed SEC Form 8-K: Completion of Acquisition or Disposition of Assets, Costs Associated with Exit or Disposal Activities
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Item 2.01 Completion of Acquisition or Disposition of Assets.
On February 25, 2025, Houston American Energy Corp. (the “Company”) entered into a Membership Interest Purchase Agreement (the “MIPA”) with Andes Operating Company LLC (“Buyer”) for the sale of the Company’s interest in Hupecol Meta LLC (“Hupecol Meta”). In conjunction with the MIPA, the Company also entered into an Assignment Agreement, in which it agreed to transfer its interest in Hupecol Meta to the Buyer, and the Buyer accepted the interest, subject to the MIPA. The sale of the Company’s interest in Hupecol Meta and its assignment thereof closed upon execution of the MIPA and the Assignment Agreement.
The Company owned approximately 18% of the membership interest of Hupecol Meta. The Buyer acquired this interest from the Company for $1.00 and agreed to assume all liabilities relating to the Colombian branches of Hupecol Meta.
Item 2.05 Costs Associated with Exit or Disposal Activities.
The information contained above in Item 2.01 related to the MIPA and Assignment Agreement with the Buyer is hereby incorporated by reference into this Item 2.05.
As disclosed in the Company’s Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2024 (the “10-K”), filed with the Securities and Exchange Commission on February 24, 2025, the Company took an impairment charge of $6,392,874 related to its investment in Hupecol Meta. The Company’s receiving only $1.00 for its interest in Hupecol Meta confirms the impairment charge on this investment as set forth in the 10-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| HOUSTON AMERICAN ENERGY CORP. | ||
| Dated: March 2, 2025 | ||
| By: | /s/ Peter Longo | |
| Name: | Peter Longo | |
| Title: | Chief Executive Officer | |