----

| AUSTIN3345 Bee Cave RoadSuite 201Austin. Texas 78746 USATel 512.732.9812Fax 512.732.9816 |  www.lonquist.com | HOUSTON1001 McKinneySuite 420Houston, Texas 77002 USATel 713.559.9950Fax 713.559.9959 |
|------------------------------------------------------------------------------------------|------------------------|---------------------------------------------------------------------------------------|

|   | Re:    | Houston American Energy Corporation |
|--------|--------|-------------------------------------|
|   |   | Year End Reserve Report             |
|   |   | Louisiana, Oklahoma, and Texas      |
|   |   | as of December 31, 2010             |
|   |   | SEC Guideline Case                  |

|                                         |   | Net to Houston American Energy Corporation |    |
|----------------------------------------------|--------|--------------------------------------------|---------|
|                                         |   | Proved Developed                           |    |   | Proved |   |   | Totai |   |   | Total |   |   | Total |   |   | Grand |   |
| SEC Pricing as of December 31, 2010          |   | Producing                                  |    |   | Non-Producinga |   |   | Undeveloped |   |   | Provedb |   |   | Probable |   |   | Possible |   |   | Totalb |   |
| Estimated Future Net Oil/Condensate, bbl     |   |                                       | 3,520   |   |   |   | 2,500 |   |   |   | 0 |   |   |   | 6,010 |   |   |   | 0 |   |   |   | 0 |   |   |   | 6,010 |   |
| Estimated Future Net Gas, MMcf               |   |                                       | 49.9    |   |   |   | 32.3 |   |   |   | 0 |   |   |   | 82.2 |   |   |   | 0 |   |   |   | 0 |   |   |   | 82.2 |   |
| Estimated Future Net NGL, bbl                |   |                                       | 390     |   |   |   | 0 |   |   |   | 0 |   |   |   | 390 |   |   |   | 0 |   |   |   | 0 |   |   |   | 390 |   |
|                                         |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Future Gross Revenue, $                |   |                                       | 533,580 |   |   |   | 366,460 |   |   |   | 0 |   |   |   | 900,040 |   |   |   | 0 |   |   |   | 0 |   |   |   | 900,040 |   |
| Estimated Future Production Taxes, $         |   |                                       | 43,140  |   |   |   | 30,910 |   |   |   | 0 |   |   |   | 74.050 |   |   |   | 0 |   |   |   | 0 |   |   |   | 74,050 |   |
| Estimated Future Operating Expenses, $       |   |                                       | 129,750 |   |   |   | 75,920 |   |   |   |   |   |   |   | 205.660 |   |   |   |   |   |   |   |   |   |   |   | 205,670 |   |
| Estimated Future Capital Costs, $            |   |                                       | 0       |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Estimated Future Net Revenue ("FNR"), $      |   |                                       | 360,690 |   |   |   | 259,640 |   |   |   | 0 |   |   |   | 620.330 |   |   |   | 0 |   |   |   | 0 |   |   |   | 620,330 |   |
| Discounted FNR at 10%, $                     |   |                                       | 300,940 |   |   |   | 138,680 |   |   |   | 0 |   |   |   | 439.620 |   |   |   | 0 |   |   |   | 0 |   |   |   | 439,620 |   |
| Discounted FNR at 15%, $                     |   |                                       | 278,350 |   |   |   | 104,050 |   |   |   | 0 |   |   |   | 382.400 |   |   |   | 0 |   |   |   | 0 |   |   |   | 382,400 |   |
|                                         |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Estimated Net Revenues by Year, $            |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2011                                         |   |                                       | 115,550 |   |   |   | 0 |   |   |   | 0 |   |   |   | 115,550 |   |   |   | 0 |   |   |   | 0 |   |   |   | 115,550 |   |
| 2012                                         |   |                                       | 86,000  |   |   |   | 0 |   |   |   | 0 |   |   |   | 86.000 |   |   |   | 0 |   |   |   | 0 |   |   |   | 86,000 |   |
| 2013                                         |   |                                       | 67,150  |   |   |   | 0 |   |   |   | 0 |   |   |   | 67,150 |   |   |   |   |   |   |   | 0 |   |   |   | 67,150 |   |
| Subtotal                                     |   |                                       | 268,700 |   |   |   | 0 |   |   |   | 0 |   |   |   | 268.700 |   |   |   |   |   |   |   |   |   |   |   | 268,700 |   |
| Thereafter                                   |   |                                       | 91,990  |   |   |   | 259,640 |   |   |   | 0 |   |   |   | 351,630 |   |   |   |   |   |   |   | 0 |   |   |   | 351,630 |   |
| Total                                        |   |                                       | 360,690 |   |   |   | 259,640 |   |   |   | 0 |   |   |   | 620,330 |   |   |   |   |   |   |   | 0 |   |   |   | 620,330 |   |
|                                         |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Estimated Average Net Production Rate - 2011 |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oil/Condensate, B/D                          |   |                                       | 3.4     |   |   |   | 0 |   |   |   | 0 |   |   |   | 3.4 |   |   |   | 0 |   |   |   | 3 |   |   |   | 3.4 |   |
| Gas, Mcf/D                                   |   |                                       | 38.4    |   |   |   | 0 |   |   |   | 0 |   |   |   | 38.4 |   |   |   | 0 |   |   |   | 3 |   |   |   | 38.4 |   |
| NGL, B/D                                     |   |                                       | 0.16    |   |   |   | 0 |   |   |   | 0 |   |   |   | 0.16 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0.16 |   |

| a | Column includes the Proved Developed Non-Producing, Shut-In and Behind-Pipe classifications |
|---|---------------------------------------------------------------------------------------------|

| b | Totals might not match detailed cash flows due to computer rounding |
|---|---------------------------------------------------------------------|

----

----

----

|   | • | Federal Income Taxes |
|--------|---------|----------------------|

|   | • | Depreciation, depletion, and/or amortization, if any |
|--------|---------|------------------------------------------------------|

|   | • | Costs in excess of revenues of uneconomic leases |
|--------|---------|--------------------------------------------------|

|   | • | Plugging and abandonment costs in excess of salvage value |
|--------|---------|-----------------------------------------------------------|

|   | • | Environmental restoration costs, if any |
|--------|---------|-----------------------------------------|

|   | • | Product price hedges, if any |
|--------|---------|------------------------------|

----

|   | Sincerely.                    |
|--------|-------------------------------|
|   |                          |
|   | LONQUIST & CO., LLC       |
|   | Texas Registration No. F-8952 |
|   |                          |
|   | /s/ Lisa B. Hunter            |
|   | Lisa B. Hunter, P.E.          |
|   | Senior Petroleum Engineer     |
|   | Texas License No. 64269       |
|   |                          |
|   | Date Signed: March 1, 2011    |
|   | Austin, Texas                 |
|   |                               |

----

| Austin3345 Bee Cave RoadSuite 201Austin, Texas 78746 USATel 512.732.9812Fax 512.732.9816 |   | Houston1001 McKinneySuite 420Houston, Texas 77002 USATel 513.559.9950Fax 713.5599959 |
|------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|

|   | Re:    | Houston American Energy Corporation |
|--------|--------|-------------------------------------|
|   |   | Proved Reserve Update               |
|   |   | Republic of Colombia                |
|   |   | As of January 1, 2011               |
|   |   | SEC Guideline Case                  |

|                                         |   | Net to Houston American Energy Corporation |    |
|----------------------------------------------|--------|--------------------------------------------|---------|
|                                         |   | Proved Developed                           |    |   | Proved |   |   | Total |   |   | Total |   |   | Total |   |   | Prospective |   |   | Grand |   |
| SEC Pricing as of December 31, 2010          |   | Producing                                  |    |   | Non-Producinga |   |   | Undeveloped |   |   | Provedb |   |   | Probable |   |   | Possible |   |   | Resource |   |   | Totalb |   |
|                                         |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Estimated Future Net Oil/Condensate, bbl     |   |                                       | 7,431   |   |   |   | 9,771 |   |   |   | 43,949 |   |   |   | 61,151 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 61,151 |   |
| Estimated Future Net Gas, MMcf               |   |                                       | 0       |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|                                         |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Future Gross Revenue, $                |   |                                       | 574,090 |   |   |   | 754,898 |   |   |   | 3,395,290 |   |   |   | 4,724,278 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 4,724,278 |   |
| Estimated Future Production Taxes, $         |   |                                       | 0       |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Estimated Future Operating Expenses, $       |   |                                       | 347,879 |   |   |   | 309,876 |   |   |   | 1,363,518 |   |   |   | 2,021,273 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 2,021,273 |   |
| Estimated Future Capital Costs, $            |   |                                       | 0       |   |   |   | 9,568 |   |   |   | 626,707 |   |   |   | 636,275 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 636,275 |   |
| Estimated Future Net Revenue ("FNR"), $      |   |                                       | 226,211 |   |   |   | 435,454 |   |   |   | 1,405,065 |   |   |   | 2,066,730 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 2,066,730 |   |
| Discounted FNR at 10%, $                     |   |                                       | 213,984 |   |   |   | 340,645 |   |   |   | 1,063,756 |   |   |   | 1,618,385 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,618,385 |   |
| Discounted FNR at 15%, $                     |   |                                       | 208,686 |   |   |   | 305,500 |   |   |   | 936,333 |   |   |   | 1,450,518 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,450,518 |   |
|                                         |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Estimated Net Revenues by Year, $            |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2011                                         |   |                                       | 179,933 |   |   |   | 78,509 |   |   |   | 38,656 |   |   |   | 297,098 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 297,098 |   |
| 2012                                         |   |                                       | 41,175  |   |   |   | 29,247 |   |   |   | 22,229 |   |   |   | 92,650 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 92,650 |   |
| 2013                                         |   |                                       | 5,103   |   |   |   | 137,119 |   |   |   | 867,575 |   |   |   | 1,009,797 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,009,797 |   |
| Subtotal                                     |   |                                       | 226,211 |   |   |   | 244,875 |   |   |   | 928,460 |   |   |   | 1,399,545 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,399,545 |   |
| Thereafter                                   |   |                                       | 0       |   |   |   | 190,579 |   |   |   | 476,605 |   |   |   | 667,185 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 667,185 |   |
| Total                                        |   |                                       | 226,211 |   |   |   | 435,454 |   |   |   | 1,405,065 |   |   |   | 2,066,730 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 2,066,730 |   |
|                                         |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Estimated Average Net Production Rate - 2011 |   |                                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oil/Condensate, B/D                          |   |                                       | 12      |   |   |   | 4 |   |   |   | 9 |   |   |   | 25 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 25 |   |
| Gas, Mcf/D                                   |   |                                       | 0       |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |

----

----

| 1. | U.S. or Colombian Income Taxes |
|----|--------------------------------|

| 2. | Depreciation, depletion, and/or amortization, if any |
|----|------------------------------------------------------|

| 3. | Costs in excess of revenues of uneconomic leases |
|----|--------------------------------------------------|

| 4. | Plugging and abandonment costs in excess of salvage value |
|----|-----------------------------------------------------------|

| 5. | Environmental restoration costs, if any |
|----|-----------------------------------------|

| 6. | Product price hedges, if any |
|----|------------------------------|

----

|   | Sincerely,                                                   |   |
|--------|--------------------------------------------------------------|--------|
|   |                                                         |   |
|   | LONQUIST & CO., LLC                                      |        |
|   | Texas Registration No. F-8953                                |
|   |                                                         |
|   | /s/ Don E. Charbula                                          |
|   |                                                         |
|   | Don E. Charbula, P.E.                                        |
|   | Vice President                                               |
|   | Texas License No. 73435                                      |
|   | Date Signed: February 23, 2011      |
|   | Austin, Texas                                                |

----