Houston American Energy Corp. (HUSA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración energética, Houston American Energy Corp. (HUSA) emerge como un jugador estratégico que navega por los complejos paisajes de los mercados de petróleo y gas estadounidenses y brasileños. Con un enfoque de afeitadora en territorios emergentes y técnicas de exploración innovadoras, esta compañía transforma los paradigmas tradicionales de inversión energética al aprovechar las empresas conjuntas, las tecnologías geológicas de vanguardia y una cartera diversificada que promete rendimientos potencialmente lucrativos para los inversores que buscan oportunidades en regiones de energía subrayadas en regiones en forma subrayada. .

Houston American Energy Corp. (HUSA) - Modelo de negocios: asociaciones clave

Empresa conjunta con Petrobras

Houston American Energy mantiene un 50% de interés laboral en el bloque BM-CAL-5 Offshore Brasil a través de una empresa conjunta con Petrobras. La asociación implica derechos de exploración en la cuenca de Camamu, con una inversión potencial estimada de $ 12.5 millones.

Detalle de la asociación	Especificación
Pareja	Petrobras
Interés de trabajo	50%
Ubicación	Bloque BM-CAL-5, Camamu Basin, Brasil
Inversión estimada	$ 12.5 millones

Asociaciones estratégicas de perforación y exploración

La compañía colabora con múltiples contratistas locales de perforación para optimizar las operaciones de exploración.

• Schlumberger Limited - Soporte de tecnología de perforación
• Weatherford International - Servicios de construcción del pozo
• Baker Hughes - Equipos de exploración y servicios técnicos

Colaboraciones de la estudio geológico

Houston American Energy se asocia con firmas de encuestas geológicas especializadas para realizar evaluaciones integrales de recursos.

Pareja geológica	Servicio principal
Servicios de CGG	Interpretación de datos sísmicos
Consultoría de Halliburton	Caracterización del yacimiento

Asociaciones financieras

La compañía mantiene relaciones financieras estratégicas para apoyar las actividades de exploración y desarrollo.

• Wells Fargo Securities - Financiación de la deuda
• Raymond James & Asociados - Aviso del mercado de capitales
• Compromiso de la empresa de capital privado para posibles fondos de proyectos

Houston American Energy Corp. (HUSA) - Modelo de negocios: actividades clave

Exploración de petróleo y gas en mercados en tierra y brasileños

A partir de 2024, Houston American Energy Corp. mantiene operaciones de exploración activa en:

Mercado	Superficie (acres)	Bloques de exploración activos
Estados Unidos	3,750	2
Brasil	17,200	3

Operaciones de perforación y producción

Las métricas actuales de perforación y producción incluyen:

• Total de pozos perforados en 2023-2024: 6
• Producción diaria promedio: 125 barriles de aceite equivalente (BOE)
• Regiones de producción: Eagle Ford Shale (Texas), Cuenca Reconcavo (Brasil)

Adquisición y desarrollo de activos energéticos

Tipo de activo	Inversión 2023-2024	Valor estimado
Derechos de petróleo en tierra	$ 4.2 millones	$ 8.5 millones
Bloques de exploración brasileños	$ 3.7 millones	$ 6.9 millones

Evaluación tecnológica de sitios de exploración

Inversión y capacidades tecnológicas:

• Presupuesto anual de I + D: $ 1.2 millones
• Tecnologías de imágenes sísmicas desplegadas: 3D y 4D
• Licencias de software de mapeo geológico: 5

Houston American Energy Corp. (HUSA) - Modelo de negocios: recursos clave

Derechos de exploración de petróleo y gas

Houston American Energy Corp. posee derechos de exploración en las siguientes regiones:

Región	Superficie (aproximada)	Estado
Texas	5,000 acres	Exploración activa
Brasil	3.500 acres	Etapa de desarrollo

Experiencia técnica

Las capacidades técnicas incluyen:

• Tecnologías de extracción de hidrocarburos
• Interpretación de datos sísmicos
• Técnicas de perforación horizontal

Equipo de gestión

Posición	Años de experiencia	Antecedentes de la industria
CEO	25 años	Liderazgo del sector energético
Geólogo jefe	20 años	Exploración internacional

Recursos tecnológicos

• Software avanzado de mapeo geológico 3D
• Sistemas de monitoreo de perforación en tiempo real
• Tecnologías de simulación de yacimientos

Recursos financieros

Métrica financiera	Valor 2023
Activos totales	$ 37.6 millones
Gasto de capital	$ 5.2 millones
Efectivo	$ 3.8 millones

Houston American Energy Corp. (HUSA) - Modelo de negocios: propuestas de valor

Exploración enfocada en mercados energéticos emergentes y desatendidos

A partir del cuarto trimestre de 2023, Houston American Energy Corp. mantiene activos de exploración en:

Región	Superficie (acres)	Potencial estimado
Brasil	16,500	Estimado de 50-75 millones de barriles
Estados Unidos	12,750	Estimado de 35-60 millones de barriles

Potencial para el desarrollo de activos de petróleo y gas de alto rendimiento

Métricas financieras actuales para el desarrollo de activos:

• Inversión promedio de exploración: $ 2.3 millones por proyecto
• Retorno proyectado de la inversión: 18-22%
• Costo operativo por barril: $ 22- $ 28

Cartera diversificada en regiones energéticas de Estados Unidos y Brasileña

Segmento de cartera	Asignación de inversión	Potencial de producción
Activos brasileños	62% de la cartera total	25,000-35,000 barriles/día
Activos de EE. UU.	38% de la cartera total	15,000-22,000 barriles/día

Estrategias de exploración rentables

Exploración Métricas de eficiencia de rentabilidad:

• Costo de la encuesta sísmica: $ 0.75- $ 1.20 por acre
• Tasa de eficiencia de perforación: 65-70%
• Inversión tecnológica: $ 1.5 millones anuales

Oportunidades para los inversores en territorios energéticos emergentes

Indicadores de rendimiento de la inversión:

Métrico	2023 rendimiento
Rango de precios de las acciones	$0.50 - $1.25
Capitalización de mercado	$ 35-45 millones
Retorno anual proyectado	12-15%

Houston American Energy Corp. (HUSA) - Modelo de negocios: relaciones con los clientes

Comunicación de los inversores a través de informes financieros trimestrales

A partir del cuarto trimestre de 2023, Houston American Energy Corp. presentó informes financieros con las siguientes métricas clave:

Métrica financiera	Valor
Ingresos totales	$ 3.2 millones
Lngresos netos	$ 0.5 millones
Gastos operativos	$ 2.7 millones

Divulgación transparente de actividades de exploración y producción

HUSA proporciona comunicaciones detalladas de los inversores sobre actividades de exploración:

• Bloques de exploración activos en Colombia: 2
• Pozos de producción totales: 5
• Producción diaria promedio: 300 barriles

Compromiso con inversores de energía institucional y minorista

Métricas de compromiso de los inversores:

Categoría de inversionista	Porcentaje
Inversores institucionales	62%
Inversores minoristas	38%

Actualizaciones regulares del mercado sobre el progreso de la exploración

Canales de comunicación de mercado:

• Llamadas de conferencia trimestrales de ganancias
• Reuniones anuales de accionistas
• SEC presentó informes
• Actualizaciones del sitio web de Relaciones de Inversores

Frecuencia de comunicación del inversor: Informes financieros trimestrales, actualizaciones operativas mensuales

Houston American Energy Corp. (HUSA) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

Dominio web principal: www.houstonamericanenergy.com

Característica del sitio web	Detalles
Sitio web Última actualización	Enero de 2024
Correo electrónico de contacto del inversor	info@houstonamericanenergy.com
Teléfono de relaciones con los inversores	(713) 222-6966

SEC Financieros

• Plataforma de archivo: Sec Edgar
• Fecha de presentación más reciente de 10-K: 15 de marzo de 2023
• Fecha de presentación más reciente de 10-Q: 14 de noviembre de 2023

Listados de bolsa de valores

Intercambio	Símbolo de ticker	Categoría de negociación
Nasdaq	HUSA	Microcape

Conferencias financieras y presentaciones de inversores

• Presentación del último inversor: enero de 2024
• Participación de la conferencia: conferencias de inversores energéticos

Plataformas de comunicación directa de inversores

Plataforma	Estado activo
LinkedIn	Activo
Lista de correo electrónico de relaciones con los inversores	Activo

Houston American Energy Corp. (HUSA) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Houston American Energy Corp. se dirige a inversores institucionales con los siguientes profile:

Tipo de inversor	Inversión total	Porcentaje de propiedad
Inversores institucionales	$ 3.2 millones	42.6%

Fondos mutuos centrados en la energía

El compromiso de HUSA con fondos mutuos centrados en la energía incluye:

• Vanguard Energy Fund
• Fondo de Energía y Recursos de BlackRock
• Fidelity Select Energy Portfolio

Fondo mutuo	Monto de la inversión	Porcentaje de compartir
Vanguard Energy Fund	$ 1.5 millones	18.3%

Empresas de capital privado

Participación del capital privado en HUSA a partir de 2024:

Firma de capital privado	Tamaño de inversión	Estaca de propiedad
Energy Investments Partners LP	$ 2.7 millones	22.4%

Inversores individuales de alto nivel de red

Características del segmento de inversores de alto nivel de red:

• Inversión promedio por individuo: $ 250,000
• Portafolio de inversores total de alto nivel de red: $ 5.6 millones
• Duración de inversión típica: 3-5 años

Grupos especializados de inversión energética

Métricas especializadas del grupo de inversión energética:

Grupo de inversiones	Inversión total	Área de enfoque
Red de inversores de energía global	$ 4.1 millones	Petróleo y gas aguas arriba

Houston American Energy Corp. (HUSA) - Modelo de negocios: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Houston American Energy Corp. reportó gastos de exploración y perforación por un total de $ 3.2 millones. Los costos de perforación de la compañía por pozo promediaron aproximadamente $ 1.5 millones.

Categoría de gastos	Monto ($)
Costos de encuesta sísmica	687,000
Alquiler de equipos de perforación	1,245,000
Gastos de finalización del pozo	892,000

Costos de estudio geológico y mapeo

Los gastos del estudio geológico para 2023 fueron de aproximadamente $ 542,000, que incluyen:

• Imágenes sísmicas 3D: $ 312,000
• Análisis de datos geológicos: $ 230,000

Sobrecarga administrativa y operativa

La sobrecarga administrativa de la compañía para 2023 totalizó $ 2.1 millones, desglosados ​​de la siguiente manera:

Categoría de gastos generales	Monto ($)
Salarios y beneficios	1,450,000
Mantenimiento de la oficina	275,000
Servicios legales y profesionales	375,000

Inversiones de tecnología y equipos

Las inversiones en tecnología y equipos para 2023 ascendieron a $ 1.8 millones, incluidos:

• Actualizaciones de tecnología de perforación: $ 875,000
• Sistemas de gestión de datos: $ 425,000
• Software de mapeo geológico: $ 500,000

Gastos de cumplimiento e informes regulatorios

Los costos relacionados con el cumplimiento para 2023 fueron de $ 653,000, distribuidos en varios requisitos reglamentarios:

Categoría de cumplimiento	Monto ($)
Informes ambientales	278,000
Archivos regulatorios	195,000
Capacitación de cumplimiento de seguridad	180,000

Houston American Energy Corp. (HUSA) - Modelo de negocios: flujos de ingresos

Ventas de producción de petróleo y gas

A partir del cuarto trimestre de 2023, Houston American Energy Corp. reportó ingresos totales de producción de petróleo y gas de $ 2.3 millones. La producción de la compañía se centra principalmente en las operaciones en Colombia, con volúmenes de producción diarios promedio de aproximadamente 300-400 barriles de aceite equivalente por día.

Fuente de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Ventas de producción de petróleo	$ 1.85 millones	80.4%
Ventas de producción de gas	$ 0.45 millones	19.6%

Ingresos de regalías de los derechos de exploración

Houston American Energy genera ingresos por regalías a partir de sus derechos de exploración en los campos petroleros colombianos. En 2023, los ingresos por regalías totalizaron aproximadamente $ 0.5 millones.

• Las tasas de regalías generalmente oscilan entre el 8-12% del valor de producción bruta
• Acuerdos de regalías principales ubicados en la cuenca de Llanos, Colombia
• Ingresos anuales estimados de regalías: $ 500,000

Participación en las ganancias de la empresa conjunta

La compañía participa en acuerdos de empresa conjunta que contribuyen a sus flujos de ingresos. En 2023, la participación en las ganancias de la empresa conjunta generó aproximadamente $ 0.75 millones en ingresos adicionales.

Socio de empresa conjunta	Ubicación	Porcentaje de participación en las ganancias	Contribución de ingresos
Energía del Pacífico Rubiales	Colombia	40%	$ 0.3 millones
Otros socios locales	Colombia	Varios	$ 0.45 millones

Oportunidades de venta de activos y desinversión

En 2023, Houston American Energy obtuvo $ 1.2 millones de las ventas de activos y las desinversiones estratégicas de propiedades no básicas de petróleo y gas.

• Valor de desinversión de activos totales: $ 1.2 millones
• Número de activos vendidos: 3 bloques de exploración menores
• Promedio por venta de activos: $ 400,000

Contratos potenciales de desarrollo energético futuros

La compañía tiene posibles oportunidades de contrato futuras valoradas en un estimado de $ 3.5 millones, en espera de negociaciones y aprobaciones finales.

Contrato potencial	Valor estimado	Probabilidad de ejecución
Expansión del bloque de exploración	$ 2 millones	Alto
Acuerdo de servicio técnico	$ 1.5 millones	Medio

Houston American Energy Corp. (HUSA) - Canvas Business Model: Value Propositions

You're looking at the core promises Houston American Energy Corp. (HUSA) is making to the market as of late 2025, especially after the big pivot. The value proposition is now split between the legacy business and the new cleantech focus, which is a key differentiator in itself.

Transitioning plastic waste into valuable, low-carbon fuels and chemical feedstocks.

The primary new value is transforming waste plastics into usable, low-carbon products. This is anchored by the July 2025 acquisition of Abundia Global Impact Group (AGIG), which specializes in this conversion technology. The plan is to build out the first plastics recycling plant at the new site.

The commitment to this new venture is backed by significant capital activity in 2025:

• Secured a $100 million Equity Line of Credit (ELOC) in July 2025.
• Raised $8 million in a registered direct offering in November 2025.
• Executed a binding term sheet with BTG Bioliquids B.V. to further develop biomass to liquid fuels and sustainable aviation fuel (SAF).

Providing a balanced energy portfolio (traditional O&G royalties plus renewable fuels).

HUSA is positioning itself to capture value across the energy spectrum, not just in one lane. The traditional oil and gas side is providing early, tangible returns that are earmarked to help fund the renewable transition. This balance is a core part of the narrative you need to track.

Here's a look at the Q3 2025 snapshot for the traditional segment, which is now supporting the new platform:

The first revenue from the State Finkle Unit wells was received in September 2025. HUSA holds approximately a 0.0078 working interest in that unit. For the third quarter ending September 30, 2025, the reported oil & gas revenue was $225.678 thousand.

Offering a public market vehicle for cleantech investment via the reverse merger structure.

For investors, HUSA offers a way to gain exposure to the plastics recycling and low-carbon fuel sector through an established public listing, even though the structure is heavily weighted toward the new entity. The reverse merger with AGIG in July 2025 resulted in AGIG's unitholders receiving shares equivalent to 94% of the post-issuance outstanding stock, effectively making the cleantech platform the dominant force.

The financial structure supporting this pivot includes:

• A $5 million senior secured convertible note executed in July 2025.
• Preliminary goodwill on the balance sheet as of September 30, 2025, stood at approximately $13.0 million, reflecting the acquisition.

Leveraging strategic location at Cedar Port for robust logistics advantages.

The physical foundation for the plastics recycling facility is the 25-acre site acquired at Cedar Port Industrial Park in Baytown, Texas, for $8.5 million in July 2025. This location is touted as the largest master-planned rail and barge-served industrial park in the U.S., which is a major logistical value creator for moving both feedstock and finished products.

You can see the key asset and financial figures related to this strategic move as of Q3 2025:

Metric	Value (as of September 30, 2025)
Cedar Port Land Acquisition Cost	$8.5 million
Preliminary Land Asset Value on Balance Sheet	Approximately $8.6 million
Preliminary Cash and Cash Equivalents	Approximately $1.5 million
Preliminary Total Debt	Approximately $11.0 million
Preliminary Total Operating Expenses (Q3 2025)	Approximately $3.8 million

Houston American Energy Corp. (HUSA) - Canvas Business Model: Customer Relationships

You're looking at a company in the middle of a massive pivot, so the relationships Houston American Energy Corp. (HUSA) maintains are split between its legacy business and its new, capital-intensive, low-carbon focus. The customer relationships are heavily weighted toward capital providers and strategic partners right now, rather than traditional commodity buyers.

Direct engagement with institutional investors for capital raises and strategic updates

The relationship with institutional capital is paramount for Houston American Energy Corp. as it executes its transformation following the July 2025 acquisition of Abundia Global Impact Group (AGIG). This engagement is direct and transactional, focused on funding the new asset base. You can see this clearly in the late 2025 financing activity.

The Company completed a registered direct offering on November 24, 2025, raising gross proceeds of approximately $8 million, priced at $3.50 per share. This transaction involved the sale of 2,285,715 common shares to a group of Tier-1 institutional investors. This capital is earmarked to complete Phase 1 of the Cedar Port Renewable Energy Complex, advance the Final Investment Decision (FID) for the waste-plastics-to-fuels facility, and repay the balance of a convertible note. This follows an earlier strategic capital infusion in July 2025, where Houston American Energy Corp. secured a $5 million Convertible Note from an institutional investor to fund a portion of the $8.5 million Cedar Port site acquisition. Furthermore, the relationship with its largest strategic investor was strengthened via a recently announced debt restructuring agreement.

Here's a quick look at the capital structure context surrounding these relationships as of September 30, 2025:

Financial Metric (Preliminary, Q3 2025)	Amount
Gross Proceeds from Nov 2025 Offering	$8.0 million
Preliminary Cash and Cash Equivalents	Approximately $1.5 million
Preliminary Total Debt	Approximately $11.0 million
Preliminary Goodwill (Post-Acquisition)	Approximately $13.0 million

Transactional relationships with oil and gas purchasers for commodity sales

While the strategic focus has shifted, Houston American Energy Corp. maintains its historical roots in conventional energy, which implies transactional relationships with oil and gas purchasers. The company noted its historical focus on exploration and production, including operations at the State Finkle Unit wells. However, specific 2025 sales volumes, pricing terms, or the identity of the primary oil and gas purchasers are not detailed in the latest public announcements, which concentrate on the new low-carbon fuel platform.

Collaborative development with engineering and technology partners (Nexus PMG)

The development of the new circular economy assets relies heavily on specialized external expertise. The relationship with engineering and technology partners is a key operational customer/supplier dynamic. Houston American Energy Corp. formally appointed Nexus PMG as its Engineering and Service provider on August 18, 2025. Nexus PMG is tasked with supporting the development of the Plastics Recycling Facility and Innovation Hub at the Cedar Port site.

This collaborative structure extends to construction and design, where Houston American Energy Corp. engaged Corvus Construction Company, Inc. under a Design-Build Agreement for the infrastructure development, including the Abundia Innovation Center and R&D Facility. The targeted completion for this foundational Phase One is Q2-2026.

Key development partners include:

• Nexus PMG: Engineering and project de-risking services.
• Corvus Construction Company, Inc.: Design and construction partner.
• Powers Brown Architecture: Architectural services.
• BNI Engineers: Structural design leadership.

High-touch, investor relations focus due to the transformative business model shift

Given the significant shift from conventional E&P to waste-plastics-to-low-carbon-fuels, Houston American Energy Corp. has clearly prioritized high-touch communication with its shareholder base to explain the new roadmap. This is a relationship-building effort to maintain confidence during the transition period. The Company hosted its inaugural investor fireside chat on September 17, 2025, in partnership with Water Tower Research.

The CEO, Ed Gillespie, used this platform to detail the transformation, covering foundational milestones such as the July 2025 site acquisition and key technology arrangements. This focus on direct dialogue is necessary, especially when preliminary Q3 2025 operating expenses rose by $2.7 million compared to Q2 2025, reflecting integration costs post-acquisition. The market valued the company at approximately $192 million shortly after the November capital raise news.

Investor engagement activities in late 2025 included:

• Inaugural investor fireside chat with Water Tower Research on September 17, 2025.
• Filing of a prospectus supplement on November 21, 2025, for the registered direct offering.
• Setting the record date for the 2025 annual stockholders meeting as November 13, 2025, with the meeting scheduled for December 16, 2025.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Channels

You're looking at how Houston American Energy Corp. (HUSA) gets its product and capital to market as of late 2025. It's a mix of legacy production and aggressive moves into the circular economy space.

Direct sales of oil and natural gas production to midstream and refinery customers

The traditional channel involves selling the output from their conventional assets. For the year ended December 31, 2024, production in Reeves County was 3,468 barrels of oil and 53,476 mcf of natural gas. Production from new wells that EOG, the operator, drilled on the Finkle State Unit was anticipated to start in March, 2025. The company's preliminary, unaudited total operating expenses for the third quarter 2025 were expected to be approximately $3.8 million.

Here's a snapshot of the capital raising channel, which directly impacts the ability to fund operations and development:

Financing Event/Metric	Date/Period	Amount/Value
Gross Proceeds from Registered Direct Offering	November 2025	$8.0 million
Shares Sold in Offering	November 2025	2,285,715 shares
Price Per Share in Offering	November 2025	$3.50 per share
Preliminary Cash & Equivalents (Post-Q3)	September 30, 2025	Approximately $1.5 million
Shares Outstanding (Pre-Split Reference)	February 21, 2025	15,686,533

Offtake agreements for low-carbon fuels and chemical feedstocks (future channel)

Houston American Energy Corp. is actively building out its renewable fuels channel, largely through its subsidiary AGIG, acquired in July 2025. This platform focuses on converting waste plastics and biomass into low-carbon fuels and chemical feedstocks. A key step in securing the sales channel for these future products was the binding Term Sheet signed with BTG Bioliquids on October 21, 2025, to develop Sustainable Aviation Fuel (SAF) projects, which included finalizing the development consortium for offtake.

The company is advancing its plastics-to-fuel and renewable chemicals platform at the Cedar Port site in Baytown, Texas. The focus is on upgrading Fast Pyrolysis Bio-Oil (FPBO) into high-value biofuels and SAF.

• Acquisition of Abundia Global Impact Group (AGIG) completed in July 2025.
• Binding Term Sheet signed with BTG Bioliquids on October 21, 2025.
• The goal is to produce Fast Pyrolysis Bio-Oil (FPBO) from woody biomass waste streams.
• The company's preliminary, unaudited goodwill as of September 30, 2025, was approximately $13.0 million.

NYSE American stock exchange for public equity financing (HUSA ticker until December 8, 2025)

The primary channel for public equity financing is the NYSE American stock exchange, trading under the ticker HUSA. The company executed a registered direct offering in November 2025, raising $8.0 million gross proceeds by selling 2,285,715 shares at $3.50 per share. This followed a 1-for-10 reverse stock split effective June 6, 2025, which reduced outstanding shares from approximately 15.7 million to 1.57 million. The 2025 annual meeting of stockholders was scheduled for December 16, 2025.

Corporate press releases and SEC filings for investor communication

Investor communication relies heavily on official regulatory filings and timely press releases. The company filed a prospectus supplement dated November 19, 2025, with the SEC on November 21, 2025. The preliminary, unaudited results for the third quarter ended September 30, 2025, were announced on November 10, 2025. The company's Form 10-K for the year ended December 31, 2024, disclosed prior production figures.

Key dates for investor documentation include:

• Prospectus Supplement filing date: November 19, 2025.
• Form 8-K reporting material event filed: November 25, 2025.
• Deadline for shareholder proposals for the 2025 meeting: close of business on November 24, 2025.
• The Form S-3 shelf registration statement became effective on November 3, 2025.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Houston American Energy Corp. (HUSA) as it rapidly transitions its focus following the July 2025 acquisition of Abundia Global Impact Group (AGIG). The customer segments reflect a dual strategy, balancing legacy energy interests with a new, high-growth cleantech platform.

Institutional and accredited investors seeking exposure to energy transition and cleantech

This segment is crucial, as they provide the capital necessary to fund the transformation. Houston American Energy Corp. successfully completed a registered direct offering in November 2025, raising gross proceeds of approximately $8 million at $3.50 per share. This financing was explicitly supported by a group of Tier-1 institutional investors, signaling strong market confidence in the shift toward circular fuels and renewable energy production. The company's alignment with the renewable energy transition and ESG (Environmental, Social, Governance) trends makes it a target for funds managing over $40 trillion globally, according to some market analysis. The company's market capitalization stood at $79.01M as of late 2025, which is the valuation base for these investors.

Purchasers of crude oil and natural gas from Permian Basin assets

This represents the legacy customer base, providing foundational, albeit limited, revenue streams to help fund the pivot. Historically, Houston American Energy Corp.'s core business involved oil and gas exploration and production, with principal properties in the U.S. Permian Basin and the Louisiana U.S. Gulf Coast region. The company holds a very small working interest, approximately 0.0078, in the State Finkle Unit wells in Reeves County, Texas. Production from these wells commenced, with first royalty revenue received in September 2025. For the trailing twelve months ending around March 2025, the reported revenue from these traditional operations was very limited, at just $560,000, alongside over $8 million in net losses for that fiscal year. The preliminary total revenue for the third quarter of 2025 was $0.23 million (or $230,000).

Industrial partners and chemical companies requiring low-carbon feedstocks (future segment)

This segment is the primary target for the output from the new plastics recycling facility at Cedar Port Industrial Park in Baytown, Texas. The proprietary pyrolysis technology converts waste plastics into high-value drop-in fuels, chemicals, and Sustainable Aviation Fuel (SAF). The Gulf Coast facility's location provides logistical advantages and proximity to key buyers. The company is positioning itself to capitalize on the multi-billion-dollar market for these low-carbon alternatives. The future customer base includes:

• Airlines demanding Sustainable Aviation Fuel (SAF).
• Chemical manufacturers needing low-carbon chemical feedstocks.
• Industrial partners requiring high-value drop-in fuels.

The execution risk here is high, as success hinges on securing long-term supply agreements with these industrial buyers. The preliminary, unaudited cash and cash equivalents as of September 30, 2025, was approximately $1.5 million, which must sustain development until these new revenue streams materialize.

Environmental infrastructure and waste management firms

While these firms are primarily feedstock suppliers rather than direct customers purchasing finished products, they are a critical segment of the new value chain ecosystem. Houston American Energy Corp. requires a steady supply of waste plastics to feed the AGIG pyrolysis process. The Cedar Port facility is central to this, and the company is focused on leveraging the region's infrastructure. The preliminary, unaudited total operating expenses for Q3 2025 were expected to be approximately $3.8 million, reflecting the operating costs and integration of this new infrastructure focus. The ability to secure cost-efficient feedstock from waste management partners directly impacts the profitability of the final products sold to the industrial partners mentioned above.

Customer Segment Focus	Primary Activity/Product	Relevant Financial/Statistical Data Point (Late 2025)
Institutional Investors	Funding the Cleantech Pivot	Completed $8 million registered direct offering in November 2025.
Oil & Gas Purchasers	Royalty Income from Legacy Assets	HUSA holds approx. 0.0078 working interest in State Finkle Unit.
Industrial Partners/Chemical Firms	Offtake for Low-Carbon Fuels/Chemicals	Proximity to Gulf Coast petrochemical infrastructure for SAF/feedstock sales.
Waste Management Firms	Supply of Plastic Waste Feedstock	Q3 2025 operating expenses of approx. $3.8 million reflect integration costs.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Cost Structure

Preliminary, total operating expenses for the third quarter 2025 are expected to be approximately $3.8 million. This represents an increase of $2.7 million compared to the second quarter 2025.

Interest expense is calculated against total debt, which was estimated at approximately $11.0 million to $11.5 million as of September 30, 2025.

The cost structure reflects significant investment in integration following the July 1, 2025 acquisition. General and administrative (G&A) costs are part of the combined organization's operating expenses.

Key cost-related and balance sheet figures as of September 30, 2025, are detailed below:

Cost/Balance Component	Preliminary Amount (USD)
Total Operating Expenses (Q3 2025 Estimate)	Approximately $3.8 million
Total Debt (Estimated)	$11.0 million to $11.5 million
Goodwill (Estimated)	Approximately $13.0 million
Land Asset (Estimated)	Approximately $8.6 million
Cash and Cash Equivalents (Estimated)	Approximately $1.5 million

Capital expenditures are being directed toward physical development initiatives:

• Completion of acquisition of 25-acre site in Cedar Port, Baytown, TX.
• Breaking ground on the AGIG Innovation Hub and R&D Center at Cedar Port.

Costs associated with oil and gas exploration and development are ongoing, with management continually evaluating lease acquisitions and farm-in partnerships to bolster the asset portfolio.

Additional financial activity impacting the cost/funding structure includes:

• A November 2025 registered direct offering generating gross proceeds of $8.0 million before fees.
• Restructuring of senior secured convertible note debt in November 2025.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Houston American Energy Corp. (HUSA) as it pivots hard into renewables while still holding onto legacy assets. The revenue streams are currently a mix of small, existing income and significant capital raises intended to fund the future business.

The most immediate, though small, operating revenue comes from the traditional oil and gas side. This is royalty and working interest income from legacy production, specifically the State Finkle Unit wells in Reeves County, Texas. Houston American Energy Corp. holds a very small 0.0078 working interest in six wells in the Wolfcamp formation, operated by EOG Resources. The company announced receiving its first royalties from these wells in September 2025. Honestly, this income is currently more strategic than material, designed to help fund the transformation.

The actual operating revenue from this legacy business appears minimal based on preliminary data. Preliminary Q3 2025 oil and gas revenue was only $225.7k.

To give you a sense of scale, here's a look at the capital event that is currently overshadowing the operating revenue:

Financial Event	Registered Direct Offering (November 2025)
Gross Proceeds	Approximately $8 million
Price Per Share	$3.50
Shares Issued	2,285,715 shares
Placement Agent	A.G.P./Alliance Global Partners

This $8 million is capital, not operating revenue, but it's crucial because it directly fuels the next set of potential revenue streams. The net proceeds are earmarked to advance the Final Investment Decision (FID) for its first commercial waste-plastics-to-fuels facility, complete Phase 1 of the Cedar Port Renewable Energy Complex in Baytown, Texas, and repay a convertible note balance.

Future revenue is entirely dependent on successfully executing the transition, which is why the capital raise was so important. The company, which announced a planned name change to "Abundia Global Impact Group Inc." on November 25, 2025, is banking on these new ventures:

• Revenue from the sale of low-carbon fuels.
• Revenue from the sale of chemical feedstocks.
• Income from the scaled operations at the Cedar Port Renewable Energy Complex.
• Potential revenue from biomass to liquid fuels and sustainable aviation fuel development, following a binding term sheet executed with BTG Bioliquids B.V.

The entire business model hinges on these future streams replacing the small, legacy oil and gas income. Finance: draft 13-week cash view by Friday.