Houston American Energy Corp. announced the appointment of Stephen Hartzell as its Acting Chief Financial Officer (CFO) on Monday. Hartzell, who is currently the Chairman of the Board and a member of the Audit and Compensation Committees, will take on the additional role without any extra compensation.
Hartzell brings extensive experience to the position, having founded and presided over S.P. Hartzell, Inc., a consulting exploration geology firm, and co-owned Southern Star Exploration, LLC. His career in the oil and gas sector spans over four decades, including positions as a petroleum geologist and senior geologist with notable companies such as Amoco Production Company and Tesoro (LON:0JYA) Petroleum Corporation.
The new Acting CFO, aged 71, holds a Bachelor of Science in Geology from Western Illinois University and a Master of Science in Geology from Northern Illinois University. His appointment comes at a time when the Houston-based company, which is involved in crude petroleum and natural gas, continues to navigate the evolving energy landscape.
Houston American Energy Corp., incorporated in Delaware and listed on the NYSE American under the ticker symbol HUSA, has not disclosed further details regarding the duration of Hartzell's acting role or any future plans for a permanent CFO appointment.
This announcement, based on a press release statement, highlights the company's compliance with the necessary regulatory filings and corporate governance standards.
InvestingPro Insights
As Houston American Energy Corp. (HUSA) appoints Stephen Hartzell as Acting CFO, InvestingPro data and tips provide additional context to the company's financial situation. Despite recent strong returns, with a 14.18% increase over the last month and a notable 34.21% gain over the past three months, HUSA faces significant operational challenges.
InvestingPro Tips reveal that HUSA is not profitable over the last twelve months and suffers from weak gross profit margins. This is evident in the company's financial metrics, with a negative gross profit of $0.02 million and an operating income margin of -255.27% for the last twelve months as of Q3 2023. The company's revenue has also declined by 26.58% during this period, reaching $0.64 million.
On a positive note, HUSA operates with a moderate level of debt, and its liquid assets exceed short-term obligations, which could provide some financial flexibility as the company navigates its challenges under new financial leadership.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for HUSA, providing deeper insights into the company's financial health and market position.
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