Houston American Energy Corp. (NYSE: HUSA) said May 16 it plans to seek acquisitions, merger partners or sale of assets.

The Houston-based company said its board of directors has approved the exploration of strategic alternatives. The decision was made following notification from the operator on the company's Serrania block in Colombia of further delays in securing the required environmental license to commence drilling operations.

Houston American Energy's portfolio includes producing and non-producing assets with a focus on Texas, Louisiana and Colombia.

In light of the further delay in issuance of the license in Columbia, the company does not expect to commence drilling operations on the block during 2016 as previously planned.

"Given the uncertainty as to timing and ultimate outcome of our current initiatives in Colombia, and delays in the consummation of our planned investment in Australian operator Tamboran Resources, management has determined that we should consider alternative strategies to build value for our stockholders including seeking an acquisition of significant oil and gas assets or a merger partner," said John Boylan, the company's CEO, in a statement.

Boylan said the company has retained a business development adviser and have commenced discussions with several entities to assist Houston American Energy in identifying strategic transactions.

"We believe that our simple capital structure with no debt makes our stock an attractive currency to acquire oil and gas assets or established operators seeking access to public capital markets," he added.