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HNR Acquisition Corp - HNRA STOCK NEWS

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/.

News

HNR Acquisition Corp Announces Appointment of Mark H. Williams as Corporate Controller

Rhea-AI Summary
HNR Acquisition Corp (HNRA) announces the appointment of Mark H. Williams as Corporate Controller and Vice President of Finance and Administration. Williams brings over 30 years of experience in controller-type roles with major global public companies, providing consulting services to HNRA since September 2023. His responsibilities include managing financial and operational transitions, accounting services, audit lead, equipment financing, cash flow forecasts, payables and receivables management, tax support, policy documentation, system and IT support, benefits and HR coordination, and M&A activities.
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HNR Acquisition Corp Expands Oil Price Hedging Program

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HNR Acquisition Corp (HNRA) announces the expansion of its oil price hedging program, aiming to cover debt service requirements and operating expenses. The program includes swaps and collars, with approximately 60% swaps and 40% collars. The current hedges are at least $70.00 per barrel, with some collars as high as $91.90. HNRA has increased the total hedged oil volume to 268,000 barrels for 2024 and 2025, with plans to add more hedging contracts as market prices dictate favorably priced hedging instruments.
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HNR Acquisition Corp - New Upgraded Website https://www.hnra-nyse.com

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HNR Acquisition Corp (HNRA) announced the launch of its upgraded website, aiming to provide comprehensive, up-to-the-minute information to stakeholders and anyone interested in the company. The new website features improved investor relations, an operations section, expanded information on the company and management team, and a new careers section. The company's president and CEO, Dante Caravaggio, emphasized tailoring digital content for current and future investors, with a focus on investor relations pages and availability of the investor presentation as a downloadable PDF. CFO Mitch Trotter highlighted the modern, informative, educational, and straightforward design of the website, aiming to bolster the company's online presence and provide a useful tool for investors.
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HNR Acquisition Corp Announces 2024 Operational Plan - Increase in Production Expected in 2024; Cost Control and Optimizing Production to Increase Revenues and Earnings

Rhea-AI Summary
HNR Acquisition Corp (HNRA) is an independent oil and gas company focused on the acquisition, development, exploration, and production of oil and gas properties in the Permian Basin. The company recently completed the acquisition of its interest in the Grayburg-Jackson oil field in Eddy County, New Mexico. The field operates 550 oil and gas wells on 13,700 contiguous acres and has shown consistent revenue growth and positive cash flow. The company's subsidiary, LH Operating, LLC, generated $20.3 million in revenues and $3.9 million in net income for the nine months ended September 30, 2023. HNRA intends to improve capital expenditure efficiency through fine-tuning waterflood completions and pumping methods to enhance oil production and profitability. The management team has identified low-cost opportunities to increase and improve oil production, aiming to achieve the highest return with a fast payout for the company and shareholders.
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HNR Acquisition Corp Names Dante Caravaggio Chief Executive Officer, President and Member of the Board of Directors

Rhea-AI Summary
HNR Acquisition Corp (NYSE American:HNRA) announced the appointment of Dante Caravaggio as the new CEO and member of the Board of Directors. Caravaggio brings extensive experience in the energy industry, including a background in petroleum engineering and a track record of high growth in the energy space.
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HNR Acquisition Corp Gives a Business Update; Acquired Entity Reports $20.3 million in Revenues and Solid Earnings for the Nine Months Ended September 30, 2023

Rhea-AI Summary
HNR Acquisition Corp (HNRA) acquired the Grayburg-Jackson oil field in the Permian Basin through the purchase of equity interests in Pogo Resources, LLC and its subsidiary, LH Operating, LLC. The field has seen a significant increase in production, generating $20.3 million in revenues and $3.9 million in net income for the nine months ended September 30, 2023. With the acquisition, HNRA aims to increase production, expand operations, and exploit other properties within the Permian Basin.
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HNR Acquisition Corp Announces Business Combination Completion Conference Call

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HNR Acquisition Corp (NYSE American:HNRA) will hold a telephonic conference call to discuss the completion of the business combination of HNRA and Pogo Resources, LLC and its subsidiaries on Wednesday November 16, 2023 at 4:30 pm EST. The company Chairman, CEO, and CFO will discuss the combination, operation, management, and current operating status followed by a question-and-answer period. An audio webcast of the conference call will be available within two hours of the call on the HNRA website. To participate in the teleconference, domestic participants can call 1-888-506-0062 and international participants can call 1-973-528-0011 with the participant access code 299961. A replay of the teleconference will be available through December 1, 2023, and the webcast can be accessed at HTTP://www.webcast4.com/page/2999/4944.
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HNR Acquisition Corp Announces Completion of its Business Combination by Acquisition of Pogo Resources, LLC; HNRA begins Managing and Operating the Grayburg-Jackson Oil Field; HNRA’s Stock will Continue to Trade on the NYSE American Stock Exchange

Rhea-AI Summary
HNR Acquisition Corp (HNRA) Completes Business Combination with Pogo Resources, LLC and Subsidiaries. The special purpose acquisition company, HNRA, has successfully finalized its merger with Pogo Resources, LLC and its subsidiaries. This strategic move marks a significant milestone for HNRA, positioning the company for potential growth and expansion in the energy sector. The completion of this business combination is expected to have a positive impact on HNRA's stock performance and market position.
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HNR Acquisition Corp Announces Business Combination Approved by Stockholders

Rhea-AI Summary
HNR Acquisition Corp (HNRA) announced the approval of the proposed business combination with Pogo Resources, LLC to acquire the Grayburg-Jackson oil field in the Permian Basin. The stockholders approved the proposals, and the Business Combination is expected to be completed soon, with the common stock trading on the NYSE American under the symbol 'HNRA'. Additionally, approximately $44.1 million will be removed from the Trust Account to pay the holders who exercised their right to redeem their shares.
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HNR Acquisition Corp Announces the Filing of a Registration Statement

Rhea-AI Summary
HNR Acquisition Corp (HNRA) announces the filing of a registration statement to register 1.3 million common shares for listing with NYSE American. A shareholder meeting is scheduled for November 13, 2023 to approve the business combination with Pogo Resources, LLC for the acquisition of the Grayburg-Jackson oil field in the Permian Basin.
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FAQ

What is the current stock price of HNR Acquisition (HNRA)?

The current stock price of HNR Acquisition (HNRA) is $1.19 as of September 17, 2024.

What is the market cap of HNR Acquisition (HNRA)?

The market cap of HNR Acquisition (HNRA) is approximately 6.6M.

What is HNR Acquisition Corp?

HNR Acquisition Corp (NYSE American: HNRA) is an independent upstream energy company focused on acquiring, developing, and producing oil and gas properties in the United States.

Where are HNRA's primary operations located?

HNRA primarily operates in the Permian Basin, with significant assets in the Grayburg-Jackson oil field located in Eddy County, New Mexico.

What recent acquisitions has HNRA made?

In November 2023, HNRA acquired LH Operating, LLC, expanding its leasehold to 13,700 acres with 342 producing wells and 207 injection wells.

How much oil and gas reserves does HNRA have?

As of the latest reports, HNRA has proven reserves of approximately 15.4 million barrels of oil and 3.5 billion cubic feet of natural gas, with potential additional reserves of 34 million barrels from the Grayburg and San Andres zones.

What is HNRA’s strategy for increasing production?

HNRA plans to increase production by enhancing existing wells, deploying additional workover rigs, and reactivating water injection wells to optimize oil recovery.

How did HNRA perform financially in Q1 2024?

HNRA reported $3.3 million in revenue for Q1 2024, despite facing unexpected repair and maintenance costs. The company is working on increasing production to improve future financial performance.

Who are the key executives of HNRA?

Key executives include Dante Caravaggio (President & CEO), Mitchell B. Trotter (CFO), and Joseph V. Salvucci Sr. (Chairman of the Board).

What are HNRA's long-term goals?

HNRA aims to maximize shareholder value by maintaining a diversified portfolio of long-life oil and natural gas properties and enhancing production through selective development and optimization efforts.

How can investors get more information about HNRA?

Investors can visit HNRA's official website at https://www.hnra-nyse.com/ for detailed information and updates.

When is HNRA's next earnings call?

HNRA has scheduled its next earnings conference call for May 23, 2024, at 11:00 a.m. EDT to discuss first quarter results and recent developments.

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HNR Acquisition Corp

NYSE:HNRA

HNRA Rankings

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HNRA Stock Data

6.65M
5.59M
72.07%
34.08%
0.43%
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