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) 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.
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