The SEC is charging a Houston-based oil-and-gas exploration and production company and its CEO with making fraudulent claims about the company’s oil reserves.
An SEC enforcement investigation found that Houston American Energy Corp. fraudulently claimed that a Colombian exploration concession in which Houston American only owned a fractional interest held between 1 billion and 4 billion barrels of oil reserves, and that the reserves were worth more than $100 per share to Houston American’s investors. The estimates lacked any reasonable basis and were falsely attributed to the concession’s operator, whose actual estimates were much lower.
For more information, visit: SEC Announces Oil-and-Fas Fraud Charges Against Houston-Based Company and CEO
