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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">NOTE 5 - COMMITMENTS AND CONTINGENCIES</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Lease Commitment</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company leases office facilities under an operating lease agreement that expires May 31, 2017.  As of March 31, 2015, the lease agreement requires future payments as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Year</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Amount</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: right;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">70,345</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,162</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,479</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">206,986</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">For the three months ended March 31, the total base rental expense was $21,376 in 2015 and $23,730 in 2014.  The Company does not have any capital leases or other operating lease commitments.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Legal Contingencies</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company is subject to legal proceedings, claims and liabilities that arise in the ordinary course of its business. The Company accrues for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as further information develops or circumstances change.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Silverman Shareholder Class Action Suit.  </font>On April 27, 2012, a purported class action lawsuit was filed in the U.S. District Court for the Southern District of Texas against the Company and certain of its executive officers: Steve Silverman v. Houston American Energy Corp. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">et al</font>., Case No. 4:12-CV-1332.  The complaint generally alleged that, between March 29, 2010 and April 18, 2012, all of the defendants violated Sections 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 and the individual defendants violated Section 20(a) of the Exchange Act in making materially false and misleading statements including certain statements related to the status and viability of the Tamandua #1 well on the Company’s CPO 4 prospect. Two additional class action lawsuits were filed against us in May 2012. The complaints sought unspecified damages, interest, attorneys’ fees, and other costs. On September 20, 2012, the court consolidated the class action lawsuits and appointed a lead plaintiff and, on November 15, 2012, the lead plaintiffs filed an amended complaint.  The amended complaint, among other things, expanded the putative class period to November 9, 2009 to April 18, 2012 and added allegations challenging a November 2009 estimate concerning the CPO 4 prospect.  On January 14, 2013, the Company filed a motion to dismiss and, on August 22, 2013, the court granted the motion and dismissed the complaint. The plaintiffs subsequently filed a Notice of Appeal of the dismissal of the complaint. On July 15, 2014, the U.S. Court of Appeals for the Fifth Circuit reversed the dismissal of the case. The appellate court ruling focused on the sufficiency of the pleadings in the case, made no determination regarding the merits of the factual allegations, and remanded the case to the District Court for further proceedings. In October 2014, the parties reached an agreement in principle to settle the consolidated lawsuit. The settlement, which provides for a $7,000,000 payment, is expected to be fully funded by the Company’s insurance and was subject to preliminary and final approval of the court. The parties submitted the settlement to the court for approval on December 31, 2014.  The court signed an order on April 16, 2015 preliminarily approving the settlement and scheduled a final approval hearing on July 29, 2015.  Pursuant to the terms of the settlement, the Company, through its insurer, is required to escrow settlement funds in the amount of $7,000,000 by approximately May 15, 2015, The Compnay's insurer deposited the required funds into an escrow account to fund  the settlement. If, for any reason, the settlement is not approved and consummated, we may be exposed to damages and costs in excess of our insurance which would have a material adverse effect on our financial position, results of operations or cash flows.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; text-indent: 24.5pt;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">SEC Administrative Proceeding.  </font>On August 4, 2014, following a multi-year investigation, the SEC instituted administrative cease-and-desist proceedings pursuant to Section 8A of the Securities Act of 1933 and 21C of the Securities Exchange Act of 1934, styled <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">In the Matter of Houston American Energy Corp., John F. Terwilliger, Jr., Undiscovered Equities, Inc. and Kevin T. McKnight</font>.  The administrative proceeding alleged that Mr. Terwilliger and, in turn, Houston American Energy, made false and misleading statements with respect to the CPO 4 prospect and promoted those statements through Undiscovered Equities and its principal, Kevin McKnight. The SEC was seeking a determination from an administrative law judge as to whether (i) the allegations of the SEC were true; (ii) Houston American Energy and Mr. Terwilliger should be ordered to (A) cease-and-desist from committing or causing violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, (B) pay a civil penalty pursuant to Section 8A(g) of the Securities Act and Section 21B(a) of the Exchange Act, and (C) pay disgorgement pursuant to Section 8A(e) of the Securities Act and Sections 21B(e) and 21C(e) of the Exchange Act; and (iii) Mr. Terwilliger should be prohibited from acting as an officer and director of a public company pursuant to Section 8A(f) of the Securities Act and Section 21C(f) of the Exchange Act.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; text-indent: 24.5pt;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">At December 31, 2014, the administrative proceeding was pending and was scheduled for trial in January 2015.  The trial was stayed in January 2015 pending consideration by the Commission of a proposed settlement and remains pending. The settlement proposal remained pending at March 31, 2015.  On April 16, 2015, the Commission formally approved the settlement. Pursuant to the terms of the settlement, among other things, the Company agreed to pay a penalty of $400,000 and the Company’s Chief Executive Officer resigned and agreed to pay a penalty of $150,000. The Company, at December 31, 2014, recorded on its balance sheet a contingent liability, and on its statement of operations a contingent loss of $400,000 relating to the settlement.  The Company has an insurance policy that insures for legal fees incurred in connection with the above administrative proceeding.  At December 31, 2014, the Company had recorded an insurance claim receivable of $1,612,681 for fees which have been incurred, but not yet reimbursed by its insurance company.  As of March 31, 2015, the insurance claim receivable relating to unpaid legal fees totaled $770,574.</div></div>
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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Concentration of Credit Risk</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Financial instruments that potentially subject the Company to a concentration of credit risk include cash, cash equivalents and any marketable securities. The Company had cash deposits of $2,753,578 in excess of the FDIC’s current insured limit on interest bearing accounts of $250,000 as of March 31, 2015. The Company has not experienced any losses on its deposits of cash and cash equivalents.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Consolidation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The accompanying consolidated financial statements include all accounts of the Company and its subsidiaries (HAEC Louisiana E&P, Inc., HAEC Oklahoma E&P, Inc., and HAEC Caddo Lake E&P, Inc.). All significant inter-company balances and transactions have been eliminated in consolidation.</div></div>
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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">NOTE 4 – STOCK-BASED COMPENSATION EXPENSE</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company periodically grants options to employees, directors and consultants under the Company’s 2005 Stock Option Plan and the Company’s 2008 Equity Incentive Plan (together, the “Plans”).  The Company is required to make estimates of the fair value of the related instruments and recognize expense over the period benefited, usually the vesting period.</div><div><br /></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Stock Option Activity</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">A summary of stock option activity and related information for the three months ended March 31, 2015 is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%;"><tr><td valign="bottom"><div> </div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom"><div style="font-size: 10pt;"></div><div style="font-size: 10pt;"></div><div style="font-size: 10pt;"></div><div style="font-size: 10pt; text-align: center;">Options</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">Weighted-Average Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom"><div style="font-size: 10pt;"></div><div style="font-size: 10pt; text-align: center;">Aggregate Intrinsic Value</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt;"><div> </div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; background-color: #cceeff;"><div>Outstanding at January 1, 2015</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>3,392,832</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>3.21</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; background-color: #cceeff;"></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; background-color: #ffffff;"><div>Granted</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; background-color: #ffffff;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; background-color: #cceeff;"><div>Exercised</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; background-color: #cceeff;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; background-color: #ffffff;"><div>Forfeited</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; background-color: #ffffff;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 64%; background-color: #cceeff;"><div>Outstanding at March 31, 2015</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>3,392,832</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>3.21</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">-</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 64%; background-color: #ffffff;"><div>Exercisable at March 31, 2015</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>2,292,832</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>4.56</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div>$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> -</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">No options were granted or exercised during the three months ended March 31, 2015. During the three months ended March 31, 2015, the Company recognized $19,795 of stock compensation expense attributable to the amortization of unrecognized stock-based compensation.  As of March 31, 2015, total unrecognized stock-based compensation expense related to non-vested stock options was $94,484. The unrecognized expense is expected to be recognized over a weighted average period of 2.19 years and the weighted average remaining contractual term of the outstanding options and exercisable options at March 31, 2015 is 6.54 years and 5.40 years, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Shares available for issuance under the Plans as of March 31, 2015 totaled 2,607,168 shares.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Restricted Stock Activity</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">During 2011, the Company granted to officers an aggregate of 45,000 shares of restricted stock, which shares vested over a period of three years.  The fair value of $743,400 was determined based on the fair market value of the shares on the date of grant.  This value was amortized over the vesting period and, during the three months ended March 31, 2015 and 2014, $0 and $20,155 was amortized to expense.  As of March 31, 2015, there was no unrecognized compensation cost related to unvested restricted stock. </div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Share-Based Compensation Expense</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The following table reflects share-based compensation recorded by the Company for the three months ended March 31, 2015 and 2014:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="7" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Three Months Ended</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">March 31,</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Share-based compensation expense included in general and administrative expense</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19,795</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">230,010</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Earnings per share effect of share-based compensation expense – basic and diluted</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table></div>
-0.01
-0.02
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Loss per Share</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares that then shared in the earnings of the Company. The Company’s only outstanding potentially dilutive securities are options and warrants. For the three months ended March 31, 2015 and 2014, using the treasury stock method, outstanding ‘in-the-money’ options would have increased our diluted weighted average shares outstanding by 55,600 and 229,014 shares, respectively; however, due to losses during these periods, these options were excluded from the diluted earnings per share calculation because their effect would have been anti-dilutive.</div></div>
0
0
P2Y2M8D
94484
321428
321428
294383
4331
11256
294383
4331
11458
11256
11458
455873
608509
677051
0
-534632
-1186313
751
736
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">NOTE 6 – TAXES</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has estimated that its effective tax rate for U.S. purposes will be zero for 2015, and consequently, recorded </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no U.S. income tax liability or tax expense for the three months ended March 31, 2015.  </font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">During the three months ended March 31, 2015, significant temporary differences between financial statement net loss and estimated taxable income related primarily to the stock compensation expense recognized for book purposes during the period.</div></div>
751
13560
-842107
0
-156450
-9934
3749
-842107
0
392240
170346
7770574
8612681
1612681
770574
7000000
7000000
0
0
1473
5456
2017-05-31
28913
26903
8315907
9314464
16449231
18614475
9342611
8344636
7000000
7000000
7000000
7000000
-400000
-400000
400000
400000
400000
2
90004
90004
-1187064
-535368
-700678
-684529
-24847
621416
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Recent Accounting Pronouncements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">No accounting standards or interpretations issued recently are expected to a have a material impact on our consolidated financial position, operations or cash flows.</div></div>
1473
5456
2
106023
101971
101971
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">NOTE 3 – OIL AND GAS PROPERTIES</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">During the three months ended March 31, 2015, the Company invested $24,847 for the development of oil and gas properties, consisting of (1) preparation and evaluation costs in Colombia of $3,749, and (2) costs on U.S. properties of $21,098. Of the amount invested, the Company capitalized $21,098 to oil and gas properties subject to amortization, and $3,749 to oil and gas properties not subject to amortization, attributable to preparation and evaluation cost in Colombia of $3,749 and drilling cost in the U.S. of $21,098.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Geographical Information</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company currently has operations in two geographical areas, the United States and Colombia. Revenues for the three months ended March 31, 2015 and long lived assets (net of depletion, amortization, and impairments) as of March 31, 2015 attributable to each geographical area are presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; text-align: center;"> </td><td colspan="3" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">Three Months Ended March 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td colspan="3" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">As of March 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; text-align: center;"> </td><td colspan="3" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">Revenues</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td colspan="3" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">Long Lived Assets, Net</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 76%; background-color: #cceeff;"><div>United States</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>101,971</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>2,678,163</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 76%; background-color: #ffffff;"><div>Colombia</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>—</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>2,037,757</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 76%; background-color: #cceeff;"><div>Total</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>101,971</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>4,715,920</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr></table></div>
642128
1293740
40479
23730
21376
96162
-536105
-1191769
70345
206986
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The accompanying unaudited consolidated financial statements of Houston American Energy Corp., a Delaware corporation (the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. They do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for a complete financial presentation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation, have been included in the accompanying unaudited consolidated financial statements.  Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes, which are included as part of the Company’s Form 10-K for the year ended December 31, 2014.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Consolidation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The accompanying consolidated financial statements include all accounts of the Company and its subsidiaries (HAEC Louisiana E&P, Inc., HAEC Oklahoma E&P, Inc., and HAEC Caddo Lake E&P, Inc.). All significant inter-company balances and transactions have been eliminated in consolidation.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Accounting Principles and Use of Estimates</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing financial statements, management makes informed judgments and estimates that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management reviews its estimates, including those related to such potential matters as litigation, environmental liabilities, income taxes and the related valuation allowance, determination of proved reserves of oil and gas and asset retirement obligations. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Concentration of Credit Risk</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Financial instruments that potentially subject the Company to a concentration of credit risk include cash, cash equivalents and any marketable securities. The Company had cash deposits of $2,753,578 in excess of the FDIC’s current insured limit on interest bearing accounts of $250,000 as of March 31, 2015. The Company has not experienced any losses on its deposits of cash and cash equivalents.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Loss per Share</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares that then shared in the earnings of the Company. The Company’s only outstanding potentially dilutive securities are options and warrants. For the three months ended March 31, 2015 and 2014, using the treasury stock method, outstanding ‘in-the-money’ options would have increased our diluted weighted average shares outstanding by 55,600 and 229,014 shares, respectively; however, due to losses during these periods, these options were excluded from the diluted earnings per share calculation because their effect would have been anti-dilutive.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Subsequent Events</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company has evaluated all transactions from March 31, 2015 through the financial statement issuance date for subsequent event disclosure consideration.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Recent Accounting Pronouncements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">No accounting standards or interpretations issued recently are expected to a have a material impact on our consolidated financial position, operations or cash flows.</div></div>
3167
3167
24847
944446
124960
295306
57726752
57701905
4715920
5500027
2678163
2037757
-57895426
-56708362
0
P5Y4M24D
P6Y6M14D
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">A summary of stock option activity and related information for the three months ended March 31, 2015 is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%;"><tr><td valign="bottom"><div> </div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom"><div style="font-size: 10pt;"></div><div style="font-size: 10pt;"></div><div style="font-size: 10pt;"></div><div style="font-size: 10pt; text-align: center;">Options</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">Weighted-Average Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom"><div style="font-size: 10pt;"></div><div style="font-size: 10pt; text-align: center;">Aggregate Intrinsic Value</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt;"><div> </div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; background-color: #cceeff;"><div>Outstanding at January 1, 2015</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>3,392,832</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>3.21</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; background-color: #cceeff;"></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; background-color: #ffffff;"><div>Granted</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; background-color: #ffffff;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; background-color: #cceeff;"><div>Exercised</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; background-color: #cceeff;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; background-color: #ffffff;"><div>Forfeited</div></td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>-</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; vertical-align: bottom; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; background-color: #ffffff;"><div></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 64%; background-color: #cceeff;"><div>Outstanding at March 31, 2015</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>3,392,832</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>3.21</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">-</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 64%; background-color: #ffffff;"><div>Exercisable at March 31, 2015</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>2,292,832</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>4.56</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div>$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> -</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company leases office facilities under an operating lease agreement that expires May 31, 2017.  As of March 31, 2015, the lease agreement requires future payments as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Year</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Amount</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: right;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">70,345</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,162</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,479</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">206,986</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company currently has operations in two geographical areas, the United States and Colombia. Revenues for the three months ended March 31, 2015 and long lived assets (net of depletion, amortization, and impairments) as of March 31, 2015 attributable to each geographical area are presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; text-align: center;"> </td><td colspan="3" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">Three Months Ended March 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td colspan="3" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">As of March 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; text-align: center;"> </td><td colspan="3" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">Revenues</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td><td colspan="3" valign="bottom" style="font-size: 10pt;"><div style="text-align: center;">Long Lived Assets, Net</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 76%; background-color: #cceeff;"><div>United States</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>101,971</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>2,678,163</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 76%; background-color: #ffffff;"><div>Colombia</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>—</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div>2,037,757</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="font-size: 10pt; width: 76%; background-color: #cceeff;"><div>Total</div></td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>101,971</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: right; background-color: #cceeff;"> </td><td valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div>$</div></td><td valign="bottom" style="font-size: 10pt; width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div>4,715,920</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The following table reflects share-based compensation recorded by the Company for the three months ended March 31, 2015 and 2014:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="7" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Three Months Ended</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">March 31,</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Share-based compensation expense included in general and administrative expense</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19,795</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">230,010</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Earnings per share effect of share-based compensation expense – basic and diluted</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.00</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">At March 31, 2015 and December 31, 2014, the Company’s balance sheets reflected the following current escrow receivables relating to various oil and gas properties previously held by the Company:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">March 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">December 31, 2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Tambaqui Escrow</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">HDC LLC & HL LLC 15% Escrow</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">294,383</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">294,383</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">HDC LLC & HL LLC 5% Contingency</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,256</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,256</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">HC LLC 5% Contingency</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,458</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,458</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">TOTAL</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">321,428</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">321,428</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td></tr></table></div>
45000
0
0
P3Y
0
900000
8333
0
4.56
0.2158
0.2158
0
2292832
2607168
3.21
3.21
3392832
3392832
0
0
87209
807
8104595
9271864
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">NOTE 7 – SUBSEQUENT EVENTS</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Settlement of SEC Administrative Proceeding</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">As noted above, the Company’s ongoing SEC Administrative Proceeding was settled in April 2015.  As a result of that settlement, among other things, the Company agreed to pay a penalty in the amount of $400,000.  The penalty and associated loss were recorded during 2014.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Silverman Shareholder Class Action Suit.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In May 2015, the Company’s insurance carriers deposited into escrow funds to settle the Silverman Shareholder Class Action Suit. As a result, the insurance claim receivable and litigation settlement payable pertaining to the settlement recorded on the balance sheet, in the amount of $7,000,000, are each expected to be fully satisfied and removed from the balance sheet.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Changes in Officers and Directors</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Under the terms of the settlement of our SEC Administrative Proceeding, John Terwilliger, the Company’s Chairman and Chief Executive Officer, resigned from all positions as an officer and director of the Company.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In connection with the resignation of John Terwilliger: (1) John Boylan, a current director, was appointed Chairman, President and Chief Executive Officer of the Company; (2) an additional independent director was appointed to fill the vacancy created by Mr. Terwilliger’s resignation; and (3) the Company agreed to continue to employ Mr. Terwilliger in a non-executive capacity to assist in the management transition through at least December 31, 2015.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Mr. Boylan’s compensation, in addition to benefits generally provided to Company employees, consists of: (1) an annual base salary of $120,000; and (2) a ten-year stock option grant, exercisable at $0.2158 per share, fair market value on the date of grant, to purchase 900,000 shares of the Company’s common stock.  The stock option vests 1/3 on each of the first three anniversaries of the date of grant subject to accelerated vesting upon either (i) the receipt by the Company, on or after the grant date and during the term of Mr. Boylan’s employment, of $10 million or more of aggregate gross proceeds from the sale of equity securities or securities convertible into equity securities, or (ii) the acquisition by the Company, on or after the grant date and during the term of Mr. Boylan’s employment, of $10 million or more in aggregate purchase price of oil and gas properties. The option grant was valued on the date of grant at $87,209 using the Black-Scholes option-pricing model.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In conjunction with the appointment of the new independent director, a stock option to purchase 8,333 shares of common stock was granted.  The option is exercisable for a term of ten years at $0.2158 per share, fair market value on the date of grant, and vests 20% on the date of grant and 80% nine months from the date of grant. The option grant was valued on the date of grant at $807 using the Black-Scholes option-pricing model.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Subsequent Events</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company has evaluated all transactions from March 31, 2015 through the financial statement issuance date for subsequent event disclosure consideration.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Accounting Principles and Use of Estimates</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing financial statements, management makes informed judgments and estimates that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management reviews its estimates, including those related to such potential matters as litigation, environmental liabilities, income taxes and the related valuation allowance, determination of proved reserves of oil and gas and asset retirement obligations. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates.</div></div>
52169945
52169945
3749
21098
21098
3749
21098
0
-1565862
10000000
120000
0.00333
P10Y
P10Y
0.8
0.00333
10000000
0.2
0.00333
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">NOTE 2 – ESCROW RECEIVABLE</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">At March 31, 2015 and December 31, 2014, the Company’s balance sheets reflected the following current escrow receivables relating to various oil and gas properties previously held by the Company:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">March 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">December 31, 2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Tambaqui Escrow</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">HDC LLC & HL LLC 15% Escrow</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">294,383</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">294,383</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">HDC LLC & HL LLC 5% Contingency</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,256</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,256</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">HC LLC 5% Contingency</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,458</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,458</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">TOTAL</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">321,428</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">321,428</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The principal escrow receivables relate to the sale of Hupecol Cuerva LLC (“HC LLC”) and the 2010 sale of HDC LLC and Hupecol Llanos LLC (“HL LLC”).</div></div>
0.05
0.05
0.15
0.05
0.05
0.15
743400
54833445
54025617
2803303
3586284
0
0
150000