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Houston American Energy steps back from 12.5% stake of Tamboran

Staff Writer |
Houston American Energy has terminated its stock purchase agreement with Tamboran Resources. In February 2016, the company announced it had signed an agreement to purchase 12.5% of Tamboran subject to certain closing conditions.

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Those closing conditions were not met by Tamboran and, as a result, the Company has terminated its agreement effective June 30, 2016.

CEO John Boylan commented, "While we are disappointed that we were unable to consummate our planned investment in Tamboran, with its intriguing early-stage Australian resource play, the reallocation of funds earmarked for that investment is expected to enhance our ongoing pursuit of opportunities offering more immediate potential for creation of shareholder value.

"As previously announced, we are actively engaged in searching for accretive corporate or asset acquisition opportunities or merger candidates.

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