HNRC 2022 Update Letter To Shareholders
Houston Natural Resources Corp (OTC: HNRC) provided a shareholder update on Aug. 18, 2022, outlining key business developments and strategic plans. The company is focused on expanding its subsidiaries: HNRI, which will enhance energy operations, and WDHI, which will diversify technology interests. HNRC's recent acquisition includes 2,800 acres in the Halff Oil Field, promising significant oil reserves. The firm expects to generate over $3M in earnings from SPAC investments, with potential shareholder dividends exceeding $0.30 per share. Q2 2022 revenue reached $5.13M, a 41% year-over-year increase.
- Q2 2022 revenue of $5.13M, up 41% year-over-year.
- Projection of over $3M earnings from SPAC investments.
- Potential dividends for shareholders exceeding $0.30 per share.
- Acquisition of 2,800 acres in the prolific Halff Oil Field.
- None.
HOUSTON, Aug. 18, 2022 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company") updated shareholders with a summary of its recent business developments, significant year-to-date achievements, as well as provide some insight into the strategic direction for 2022 and beyond.
Dear Shareholders,
Our company is dedicated to increasing stockholder value through the development and expansion of its two majority owned subsidiaries.
Houston Natural Resources, Inc ("HNRI"). HNRI is a
Worldwide Diversified Holdings, Inc. ("WDHI") is a majority owned subsidiary of HNRC and will be expanding the technology interest as a diversified holding company. The portfolio holds over
The spin-off changes the focus of HNRC towards its energy reserves. HNRI has acquired 2,800 acres located in the Halff Oil Field in Crockett County, Texas. This oil field is noteworthy for several reasons:
1. Located in the most prolific oil area in the USA.
2. An existing oil field with proved reserves and 83 oil wells to be reworked.
3. Has a prolific oil zone called the San Andres formation that has not been exploited yet.
4. The primary producing reservoir is the Grayburg Sand of Permian age. The Halff Oil Field has produced about 3,900,000 barrels of oil to date from the Grayburg Sand. The original oil in place in the Grayburg Sand is calculated to be 36,900,000 barrels of oil. This Zone has been producing oil for over 50 years, expected to produce for an additional 20+ years and become a major revenue stream in the company's future.
The company intends to continue sponsoring additional SPAC investments. The company sponsored a successful
Furthermore, the company's net earnings Q2 Revenue
I am very excited about the tremendous opportunity we have in front of us and am confident we have the team in place to capitalize on it. We thank you for your continued support, and we wish you a prosperous balance of 2022.
Frank Kristan
President
About Houston Natural Resources Corp
Houston Natural Resources Corp (www.hnrcholdings.com) (OTC: HNRC). The Company is dedicated to increasing shareholder value through developing natural resources with state-of-the-art innovative technologies in tandem with sustainable environmental services of toxic oil field waste disposal and recycling that are environmentally safe and socially responsible. The Company, through its subsidiary Houston Natural Resources, Inc sponsored HNR Acquisition Corp, a Special Purpose Acquisition Corp (NYSE:HNRA).
FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.
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SOURCE Houston Natural Resources Corp
FAQ
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