Welcome to our dedicated page for HNR Acquisition news (Ticker: HNRA), a resource for investors and traders seeking the latest updates and insights on HNR Acquisition stock.
HNR Acquisition Corp (NYSE American: HNRA) is an independent upstream energy company focused on the acquisition, development, exploration, and production of oil and gas properties in the United States, particularly within the prolific Permian Basin.
Headquartered in Houston, Texas, HNRA is committed to maximizing total returns to its shareholders by building a diversified portfolio of long-life oil and natural gas properties. The company's strategy involves acquiring valuable assets and enhancing their productivity through selective development, production optimization, and other exploitation efforts.
In November 2023, HNRA acquired LH Operating, LLC, gaining significant assets including the Grayburg-Jackson oil field in Eddy County, New Mexico. This acquisition expanded HNRA's leasehold to 13,700 acres, comprising 342 producing wells and 207 injection wells. The primary production zones include the Seven Rivers, Queen, Grayburg, and San Andres intervals, with depths ranging from 1,500 to 4,000 feet.
Recent news highlights HNRA's potential to access an additional 34 million barrels of oil from the Grayburg and San Andres zones by enhancing existing wells. This discovery, combined with the proven reserves of 15.4 million barrels of oil and 3.5 billion cubic feet of natural gas, suggests a robust production outlook for over two decades.
Despite challenges encountered since the acquisition, HNRA has stabilized field operations and is investing in infrastructure improvements and advanced techniques to increase production. The company reported $3.3 million in revenue for Q1 2024, with plans to boost production capacity through the deployment of an additional workover rig and the activation of more water injection wells.
HNRA's management team, led by President and CEO Dante Caravaggio, is dedicated to overcoming operational hurdles and optimizing the potential of its assets. The company is also proactive in investor relations, regularly updating stakeholders through earnings calls and participation in industry conferences.
For more detailed information, visit the company's website at https://www.hnra-nyse.com/.
HNR Acquisition Corp (NYSE American: HNRA) announced its Q1 2024 results and plans to boost production. The company, which acquired LH Operating in November 2023, reported a total revenue of $3.3 million, affected by a $2 million reduction due to GAAP accounting for its hedging program. Roughly $5.1 million in cash was generated from oil and gas sales. Despite a net loss of $5.3 million, HNRA's CFO emphasized positive cash flow from operations and strategic priorities to enhance cash position, cut operating costs, and improve margins.
Maintenance costs for field repairs reached $1.2 million, with elevated but declining future costs expected. HNRA's production stabilized at 967 barrels/day, and a second workover rig is anticipated to further boost production starting April 2024. Plans include reactivating 14 inactive water injection wells and increasing overall production by 400 barrels/day by end-2024. An earnings call is scheduled for May 23, 2024, to further discuss results and future plans.
HNR Acquisition Corp (HNRA) reported compliance with the NYSE American Company Guide after filing its Annual Report on Form 10-K. The company received a letter from NYSE American confirming compliance. Despite a going concern qualification in its audit opinion, management plans to address the issue by increasing profitability, maintaining hedge positions, and issuing additional shares through a Common Stock Purchase Agreement with White Lion Capital,
HNR Acquisition Corp (HNRA) reported financial results for the initial six weeks as an operating company and for the full year 2023. Total revenues for the six weeks were $2,975,661, and for the full year were $27,214,142, a 23% decrease from 2022. Net income for the six weeks was a loss of $9,001,202 and a combined loss for the year was $4,030,338. One-time charges impacted results. HNRA's strategy involves optimizing drilling conditions and increasing production for revenue growth.
HNR Acquisition Corp (HNRA) announced its participation in the EF Hutton Annual Global Conference on May 15, 2024. The company's management, including Chairman Joseph V Salvucci, President & CEO Dante Caravaggio, and CFO Mitch B. Trotter, will be available for one-on-one meetings at the event. The conference will take place at the Plaza Hotel in New York, offering attendees the opportunity to engage directly with HNRA representatives.
HNR Acquisition Corp (NYSE American:HNRA) reschedules its conference call on May 3, 2024, to discuss Q4 and year-end 2023 results. The call, led by CEO Dante Caravaggio and CFO Mitchell B. Trotter, will review financials and recent events.
FAQ
What is the current stock price of HNR Acquisition (HNRA)?
What is the market cap of HNR Acquisition (HNRA)?
What is HNR Acquisition Corp?
Where are HNRA's primary operations located?
What recent acquisitions has HNRA made?
How much oil and gas reserves does HNRA have?
What is HNRA’s strategy for increasing production?
How did HNRA perform financially in Q1 2024?
Who are the key executives of HNRA?
What are HNRA's long-term goals?
How can investors get more information about HNRA?
When is HNRA's next earnings call?
