Houston American Energy Q4 net income jumps to $64,665
Net income for the fourth quarter of 2018 was $64,665 compared to a net loss of $282,663 for the fourth quarter of 2017.
For the twelve months ended December 31, 2018, Houston American Energy net loss was $251,336 compared to a net loss of $2,037,614 for the twelve months ended December 31, 2017.
The improvement in quarterly and full year operating results reflects substantial increases in oil and gas revenue, receipt of a lease bonus from the extension of a mineral acreage lease in Louisiana and the results of the company's cost control measures.
Oil and gas revenues were up 256% for the year, to $2,243,325 for 2018 as compared to $630,392 in 2017.
The increase in revenues was attributable to production from the Company's Reeves County, TX wells which came on line late in 2017.
Houston American Energy's commitment to lower operating costs and stringent financial controls had a positive impact during the year with general and administrative costs decreasing 33% to $1,422,560 in 2018 from $2,128,667 in 2017. ■