Houston American Energy Corp. (AMEX:HUSA) entered into a participation agreement to acquire 25% stake in two lease blocks covering 717.25 acres in Reeves County, Texas from Founders Oil & Gas III, LLC for $0.99 million on January 4, 2017. Houston American paid $5,500 per net mineral acre. Founders will continue to operate and participate in 50% working interest. The transaction is subject to customary closing conditions, including Houston American's ability to secure necessary financing. The transaction is expected to close during mid-January 2017.