UPDATE: C.K. Cooper & Company Upgrades Houston American Energy

According to a research report published this morning, C.K. Cooper & Company has upgraded Houston American Energy HUSA from Hold to Buy, and establishes a $4 PT. "HUSA announced a registered direct offering of 6.2MM units, each unit consisting of one share of common stock and one warrant exercisable at a price of $2.68. The offering is expected to generate proceeds of $13.1MM gross ($12.6MM net) which should provide sufficient liquidity to allow HUSA to meet its 2012 capital budget of $40.8MM assuming the warrants are exercised. In our last report on 4/19/12 we maintained our neutral rating due to concerns that HUSA would be unable to meet its capital budget obligations for exploration drilling at CPO-4. With funds from the capital raise, our liquidity concerns are substantially reduced," C.K. Cooper & Company said in the report. Houston American Energy is currently trading at $1.90.