HNRC 2023 UPDATE LETTER TO SHAREHOLDERS

Rhea-AI Summary

Houston Natural Resources Corp (OTC: HNRC) provided a shareholder update highlighting key achievements from 2022 and strategic plans for 2023. The company completed an asset spinoff dividend to shareholders of Worldwide Diversified Holdings, Inc. and acquired a 9.9% stake in Cunningham Energy, LLC, with plans to increase this to 100% by March 31, 2023. HNRC aims for a $10 million commitment for an uplisting and to realize a value of $1.15 per share in energy assets. Additionally, the firm is exploring further acquisitions and SPAC investments, anticipating dividends for shareholders through 2024.

Positive

• Completed asset spinoff dividend to shareholders, enhancing shareholder value.
• Acquired a 9.9% interest in Cunningham Energy with a plan to reach 100%.
• Appraised oil and gas assets valued at $218 million, indicating strong asset backing.
• Engaging underwriter for a $10 million uplisting initiative.
• Plans to realize approximately $1.15 per share in energy asset value.
• Exploring additional acquisitions in the energy sector.

Negative

• No definite timeline for the dividend credit to shareholders, creating uncertainty.

HOUSTON, Jan. 12, 2023 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") updated shareholders with a summary of its recent business developments, significant achievements, as well as provide some insight into the strategic direction for 2023 and beyond.

Dear Shareholders,

Our company is dedicated to increasing stockholder value and has completed the following achievements in 2022:

• Completed an asset spinoff dividend to shareholders of Worldwide Diversified Holdings, Inc. ("WDHI") a majority owned subsidiary of HNRC and will be expanding its non- energy assets as a diversified holding company. The dividend will be credited to shareholders accounts by the transfer agent when the FINRA review is completed and then a registration statement will be filed. The company does not have a definite date yet but will keep shareholders updated on the progress.
  
  
• Acquired a 9.9% interest in Cunningham Energy, LLC and announced today that it extended its Letter of Intent to acquire an additional interest, for up to 100% interest, in Cunningham Energy, LLC to on or before March 31, 2023. An independent engineering company has completed an evaluation of the Oil & Gas Assets of Cunningham Energy. The appraised value of the company's leasehold position as of May 18^th, 2022, is $218 million dollars, assuming the current proposed 40 well drilling program is completed.

In 2023 the company intends to continue to implement its strategies to benefit shareholders: 

• The company is engaging an underwriter for a $10 million dollar commitment for an up listing to a major exchange in 2023.
  
  
• The company intends to focus on realizing the value on the total of $1.15 per share in current appraised energy assets held by its subsidiaries for the benefit of the shareholders.
  
  
• The company is evaluating additional acquisitions in the energy and energy services industry to provide value for shareholders,
  
  
• The company intends to continue sponsoring additional SPAC investments. The company sponsored a successful NYSE listing of an energy focused SPAC during the first quarter of 2022. The company is currently focused on a second energy focused SPAC to be listed in 2023 and is currently evaluating other SPAC opportunities for listing onto major exchanges. This strategy will result in a dividend to its shareholders, after the lock up period has expired, on each of the SPAC investments. This would provide quarterly dividends through 2023 – 2024.
  
  
• CEO Frank Kristan Discusses Dividends, Acquisitions, and 2023 on "The Street Reports Podcast," Listen here: https://thestreetreports.com/houston-natural-resources-otc-hnrc-ceo-frank-kristan-discusses-dividends-acquisitions-and-2023-on-the-street-reports-podcast-listen-now

I am very excited about the tremendous opportunity we have in front of us, and I 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 2023.

Frank Kristan
President

About Houston Natural Resources Corp

Houston Natural Resources Corp (www.hnrcholdings.com) (OTC: HNRC). The company is a diversified holding company with business operations and investments. The portfolio companies include investments in energy, information technology and healthcare.

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

What are the 2023 plans for Houston Natural Resources Corp (HNRC)?

HNRC plans to focus on uplisting, realizing asset values, and exploring new acquisitions in the energy sector.

What significant achievement did HNRC accomplish in 2022?

HNRC completed an asset spinoff dividend to shareholders of Worldwide Diversified Holdings, Inc.

What is the appraised value of Cunningham Energy's assets according to HNRC?

The appraised value of Cunningham Energy's leasehold position is $218 million.

When does HNRC plan to finalize its acquisition of Cunningham Energy?

HNRC plans to finalize the acquisition by March 31, 2023.

How much funding is HNRC seeking for uplisting to a major exchange?

HNRC is engaging an underwriter for a $10 million funding commitment for uplisting.