The Next Big Oil Find…Maybe (HYSA, GLFE.OB)

Sharesleuth’s Chris Carey recently reported on Houston American Energy Corp.’s (NASDAQ: HUSA) recent oil discovery deal in Colombia. The company recently purchased a 25% stake in an oil prospect controlled by SK Energy Co., one of Asia’s biggest producers, refiners, and marketers. It was also reported that Gulf United Energy Corp. (OTCBB: GLFE. OB) purchased a 25% stake in the same prospect.

Independent energy analyst, David Snow, said that the prospect might be worth as much as $269 per share for Houston American, which would value the company at over $8 billion (versus its current market capitalization of $364.7 million). Mr. Snow also reported that HUSA has purchased a 12.5% stake in another Colombian prospect that could be worth as much a $36 per share, adding another billion plus to HUSA’s capitalization.

These claims seem a little ridiculous and Mr. Snow seems to have a track record of such hyperbole, given that he recently faced SEC charges in connection with favorable reports on a pair of Canadian oil companies that where both found to have engaged in fraud.

There is much, much more to this story than meets the eye, though; for more on Chris Carey’s in depth analysis, please visit…

http://sharesleuth.com/investigations/2010/06/both-of-the-oil-companies/