SEC Contract Filing

Filing Date: 2019-09-20

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BRIDGE
LOAN AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
BRIDGE LOAN AGREEMENT (hereinafter the &ldquo;<U>Agreement</U>&rdquo;), is entered into on the date set forth below by and between
Houston American Energy Corp., a Delaware corporation (the &ldquo;<U>Borrower</U>&rdquo;), and the lenders whose signatures appear
hereon (the &ldquo;<U>Lender(s)</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Borrower is engaged in oil and gas exploration and is party to an agreement to acquire an interest in mineral acreage in Hockley
County, Texas (the &ldquo;<U>Hockley County Acreage</U>&rdquo;);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Borrower is presently engaged in efforts to secure additional equity capital or debt financing (all sales, for cash, of equity
or debt securities &ndash; excluding the Bridge Loan Notes issued pursuant to this Agreement &ndash; of the Borrower from and
after the date hereof until the Bridge Loans made hereunder are paid in full, being referred to as the &ldquo;<U>Funding Program</U>&rdquo;)
to support the acquisition of the Hockley County Acreage;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pending the receipt of funding from the Funding Program, the Borrower desires to borrow, and the Lenders are willing to lend,
up to $600,000 (the &ldquo;<U>Bridge Loan</U>&rdquo;) to support the acquisition of the Hockley County Acreage; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
as consideration for making the Bridge Loan, the Borrower has agreed to issue to the Lenders senior unsecured promissory notes
(the &ldquo;<U>Bridge Loan Note</U>&rdquo;), in the form attached hereto as <U>Exhibit A</U>, and warrants (the &ldquo;<U>Warrant</U>&rdquo;),
in the form attached hereto as <U>Exhibit B</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Borrower and Lenders agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Bridge
Loan Notes and Warrants</U>. The Borrower agrees to issue to the Lenders (a) Bridge Loan Notes in the amount set forth on the
signature page hereof, for aggregate consideration not to exceed $600,000, the terms of which Bridge Loan Notes are set forth
herein and in the Bridge Loan Note, and (b) Warrants to purchase one share of common stock of the Borrower for each dollar of
Bridge Loan Notes issued, the terms of which Warrants are set forth in <U>Exhibit B</U>.</FONT></P>

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