UPGRADE: CK Cooper Downgrades Houston American Energy to Hold

CK Cooper lowers its rating on Houston American Energy HUSA to Hold from Buy due to continued drilling challenges in Colombia. CK Cooper says, "HUSA released an 8K filing that reported on the progress of the Tamandua #1 well, the company's first well drilled on the CPO-4 Block by operator SK Holdings, a South Korean conglomerate. The well began drilling last July and was sidetracked to control drilling issues from high pressure and fluid flows. After reaching its target depth of 15,562 feet, the well could not be tested due to bottom hole constraints. The drilling environment has turn out to be much more challenging than we had previously expected, resulting in extended well drilling lead times." HUSA closed at $6.95 a share on Thursday.