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Houston American Energy Corp. public filings analysis

On April 23, 2015, the Securities and Exchange Commission (SEC) issued an order announcing the terms of its settlement with Houston American Energy Corp. (HUSA). The SEC retained Bates White to evaluate the materiality of several alleged misrepresentations that HUSA made in its public filings regarding its Colombian oil wells. SEC formalized its investigation by filing an Order Instituting Cease-and-Desist Proceedings on August 4, 2014. The Bates White Expert submitted affirmative and rebuttal expert reports. The Bates White team conducted event studies to assess whether announcements made between November 10, 2009, and October 12, 2010, concerning HUSA’s participation in the CPO-4 Block, an oil and gas exploration and production concession in the Llanos Basin of the Republic of Colombia, were important to investors. The studies demonstrated that some of the announcements had a statistically significant impact on HUSA’s stock price.

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