HNR Acquisition Corp Announces Extension of Timing for Initial Business Combination
HNR Acquisition Corp (NYSE American: HNRA) has announced an extension of the timing for its initial business combination. The company's sponsor, HNRAC Sponsors , has deposited $120,000 into trust to extend the completion deadline from July 15, 2023, to August 15, 2023.
HNRA previously announced its intention to acquire Pogo Resources and its subsidiaries, which would include the Grayburg-Jackson oil field in the Permian Basin, Eddy County, New Mexico. The Pogo fields consist of:
- 13,700 contiguous leasehold acres
- 343 producing wells
- 207 injection wells
- Current production of approximately 1,400 barrels of oil and oil equivalent per day
Management expects to increase daily production to nearly 4,000 barrels within the next three years, based on a reserve report by William Cobb & Associates.
HNR Acquisition Corp (NYSE American: HNRA) ha annunciato un'estensione dei tempi per la sua iniziale combinazione aziendale. Lo sponsor della società, HNRAC Sponsors, ha depositato $120.000 in un fondo fiduciario per estendere la scadenza di completamento dal 15 luglio 2023 al 15 agosto 2023.
HNRA aveva precedentemente annunciato la sua intenzione di acquisire Pogo Resources e le sue filiali, che includerebbero il giacimento petrolifero Grayburg-Jackson nel bacino di Permian, nella contea di Eddy, Nuovo Messico. I campi Pogo consistono in:
- 13.700 acri di locazione contigui
- 343 pozzi produttivi
- 207 pozzi di iniezione
- Produzione attuale di circa 1.400 barili di petrolio ed equivalenti di petrolio al giorno
La direzione si aspetta di aumentare la produzione giornaliera a quasi 4.000 barili entro i prossimi tre anni, basato su un rapporto di riserva di William Cobb & Associates.
HNR Acquisition Corp (NYSE American: HNRA) ha anunciado una extensión del tiempo para su combinación empresarial inicial. El patrocinador de la empresa, HNRAC Sponsors, ha depositado $120,000 en un fideicomiso para extender la fecha límite de finalización del 15 de julio de 2023 al 15 de agosto de 2023.
HNRA había anunciado anteriormente su intención de adquirir Pogo Resources y sus filiales, que incluirían el campo petrolero Grayburg-Jackson en la Cuenca de Permian, en el condado de Eddy, Nuevo México. Los campos de Pogo consisten en:
- 13,700 acres de arrendamientos contiguos
- 343 pozos productivos
- 207 pozos de inyección
- Producción actual de aproximadamente 1,400 barriles de petróleo y equivalentes de petróleo por día
La dirección espera aumentar la producción diaria a casi 4,000 barriles en los próximos tres años, basado en un informe de reservas de William Cobb & Associates.
HNR Acquisition Corp (NYSE American: HNRA)는 초기 사업 결합에 대한 시한 연장을 발표했습니다. 회사의 후원자인 HNRAC Sponsors는 2023년 7월 15일에서 2023년 8월 15일로 완료 기한을 연장하기 위해 신탁에 $120,000을 예치했습니다.
HNRA는 이전에 Pogo Resources 및 그 자회사 인수 의사를 발표했으며, 이는 뉴멕시코주 에디 카운티의 퍼미안 분지에 위치한 그레이버그-잭슨 유전 필드를 포함합니다. Pogo 필드는 다음과 같습니다:
- 연접된 13,700 에이커의 임대권
- 343개의 생산 유정
- 207개의 주입 유정
- 현재 약 1,400 배럴의 원유 및 원유 동등물을 생산하는 일일 생산량
경영진은 William Cobb & Associates의 보고서를 기반으로 향후 3년 이내에 일일 생산량을 거의 4,000 배럴로 증가시킬 것으로 예상하고 있습니다.
HNR Acquisition Corp (NYSE American: HNRA) a annoncé une prolongation du délai pour sa combinaison commerciale initiale. Le sponsor de l'entreprise, HNRAC Sponsors, a déposé 120 000 $ en fiducie pour prolonger la date limite de réalisation du 15 juillet 2023 au 15 août 2023.
HNRA avait précédemment annoncé son intention d'acquérir Pogo Resources et ses filiales, qui comprendraient le champ pétrolier Grayburg-Jackson dans le bassin permien, dans le comté d'Eddy, au Nouveau-Mexique. Les champs Pogo comprennent :
- 13 700 acres de baux contigus
- 343 puits en production
- 207 puits d'injection
- Production actuelle d'environ 1 400 barils de pétrole et équivalent pétrole par jour
La direction s'attend à augmenter la production quotidienne à près de 4 000 barils au cours des trois prochaines années, sur la base d'un rapport de réserves de William Cobb & Associates.
HNR Acquisition Corp (NYSE American: HNRA) hat eine Verlängerung des Zeitrahmens für seine erste Unternehmenszusammenführung angekündigt. Der Sponsor des Unternehmens, HNRAC Sponsors, hat $120.000 in einen Treuhandfonds eingezahlt, um die Frist für den Abschluss von 15. Juli 2023 auf 15. August 2023 zu verlängern.
HNRA hatte zuvor seine Absicht bekannt gegeben, Pogo Resources und dessen Tochtergesellschaften zu erwerben, zu denen das Grayburg-Jackson-Ölfeld im Permian Basin, Eddy County, New Mexico, gehört. Die Pogo-Felder bestehen aus:
- 13.700 zusammenhängenden Pachtflächen
- 343 produzierende Brunnen
- 207 Injektionsbrunnen
- Aktuelle Produktion von etwa 1.400 Barrel Öl und Öl-Äquivalent pro Tag
Das Management erwartet, die tägliche Produktion innerhalb der nächsten drei Jahre auf fast 4.000 Barrel zu steigern, basierend auf einem Reservenbericht von William Cobb & Associates.
- Extension of deadline for initial business combination provides more time to complete the acquisition
- Potential acquisition of Pogo Resources includes 13,700 acres and 550 wells in the prolific Permian Basin
- Current production of 1,400 barrels of oil and oil equivalent per day
- Management projects increasing production to 4,000 barrels per day within three years
- Additional $120,000 deposited into trust for the extension
- Delay in completing the initial business combination
HOUSTON, TX / ACCESSWIRE / July 12, 2023 / HNR Acquisition Corp (NYSE American:HNRA) (the "Company" or "HNRA") announces that, in accordance with the Company's amended and restated certificate of incorporation, it has received notice from HNRAC Sponsors LLC (the "Sponsor") of its intention to extend the period of time by which the Company must complete its initial business combination for one month until August 15, 2023.
Extension of time for Initial Business Combination
In accordance with the Company's amended and restated certificate of incorporation, the Sponsor's designee has timely deposited into trust, on July 11, 2023, an aggregate of
Intent to purchase all equity interests in Pogo Resources, LLC (Pogo)
Previously the Company announced its intent to purchase all equity interests in Pogo Resources LLC and its subsidiaries, and, in so doing, acquire the Grayburg- Jackson oil field in the prolific Permian Basin in Eddy County, New Mexico. The Pogo fields comprise 13,700 contiguous leasehold acres, 343 producing wells and 207 injection wells for a total of 550 wells on the properties. Current production is approximately 1,400 barrels of oil and oil equivalent per day. Management expects to increase daily production to nearly 4,000 barrels of oil and oil equivalent in the next three years in accordance with the reserve report by William Cobb & Associates, a 3rd party engineering firm retained by Pogo.
About HNR Acquisition Corp
HNRA is a blank check company (otherwise known as a special purpose acquisition company or SPAC) formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
For more information on HNRA, the acquisition and the transaction, please visit the Company website: https://www.hnra-nyse.com/
Forward-Looking Statements
This press release includes "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from what is expected, including the funding of the Trust Account to further extend the period for the Company to consummate an initial business combination, if needed. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks," "may," "might," "plan," "possible," "should" and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect the Company's management's current beliefs. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements. Important factors - including the availability of funds, the results of financing efforts and the risks relating to our business - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on EDGAR (see www.edgar-online.com) and with the Securities and Exchange Commission (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. In addition, please refer to the Risk Factors section of the Company's Form 10-K as filed with the SEC on March 31, 2023 for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Investor Relations
Michael J. Porter, President
PORTER, LEVAY & ROSE, INC.
mike@plrinvest.com
SOURCE: HNR Acquisition Corp
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FAQ
What is the new deadline for HNRA's initial business combination?
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