HNRC Reports First Quarter Results

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) reported a record net profit increase of 47%, reaching $870,279 on revenues of $2,518,986 for Q1 2021. Net assets rose by 34% to $72,616,087, with a net asset value of $4.71 per share. The company has acquired approximately 2,800 acres of oil and gas leases in Texas, valued at $69 million. HNRC’s subsidiary, HNR Oil Services LLC, has generated over $400,000 in revenue and projects $15 million in revenues by year-end, while overall projections for 2021 estimate combined revenues of $23 million and earnings of $12 million.

Positive

• 47% increase in net profits to $870,279.
• 34% growth in net assets to $72,616,087.
• Acquired 2,800 acres of oil and gas leases valued at $69 million.
• HNR Oil Services generated over $400,000 in revenue and is projected to reach $15 million by the end of 2021.
• Combined revenue projections for 2021 are $23 million, with earnings estimated at $12 million.

Negative

• None.

HOUSTON, May 18, 2021 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNR or the Company") announced today record results for the quarter ending March 31, 2021. 

The company's net assets have increased 34% to $72,616,087 for the period ending March 31, 2021 as compared to $54,131,160 for the same period ending March 31, 2020.

The company's net profits have increased 47% to $870,279 on revenues of $2,518,986 for the period ending March 31, 2021 from $589,431 net profits on revenues of $2,237,700 revenues for the same period ending March 31, 2020.

The company's net asset value is $4.71 per share for the period ending March 31, 2021.

HNRC is a diversified holding company that has two subsidiaries, Houston Natural Resources, Inc ("HNRI") and Worldwide Diversified Holdings, Inc ("WDHI"). HNRI owns oil and gas properties and a waste-water treatment plant. WDHI has business operations that provide products & services in the Information Technology & Healthcare markets. HNRC anticipates up listing onto OTCQX or major exchange. The company is preparing an SEC filing to become an SEC reporting company.

HNRI has acquired approximately 2,800 acres of oil and gas leases located in the Halff Oil Field in Crockett County, Texas with proven and appraised reserves of $69 million and 83 oil wells to be reworked. HNRI is completing its audited statements and detailed independent appraisals of the assets. HNRI is evaluating raising capital through a Regulation A filing or S-1 Registration that will provide for a separate listing on a major exchange. HNRI is currently reviewing possible acquisitions of producing oil and gas properties in addition to developing its water treatment facilities that are operated by its subsidiary HNR Oil Services, LLC.

The company's subsidiary HNR Oil Services LLC owns a water treatment and disposal facility located in Wilson County, Texas that exceed all state and federal regulatory requirements, provide maximum environmental protection and will generate multiple streams of revenue for the company via the saltwater disposal and byproduct remediation. HNR Oil Services has commenced operations and generated more than $400,000 in revenues. It recently completed financing for additional equipment to increase its capabilities.

The YO Ranch facility is focused on the process of removing undesirable chemicals, suspended solids, oil and gases from contaminated water and solids. By the end of 2021 this facility is expected to generate $15 million in revenues with $10 million in earnings. HNR Oil Services LLC expects to commence construction of its second facility in the fourth quarter.

The facility is currently permitted for disposal of twenty-five thousand barrels per day of oil field toxic waste fluids and is permitted and will soon expand to sterilizing oil field toxic solids waste. These unique permits have allowed HNR Oil Services to issue its customers a Texas State Certificate of Destruction of such toxic waste. This is an especially important step in environmental protection by keeping toxic materials out of land fields.

HNR Oil Services anticipates a rapid expansion with four additional processing facilities across all suitable oil and gas producing regions, increasing to seven facilities in the next five years.

The company projects the total combined revenues of $23 million and $12 million in earnings for 2021.

About Houston Natural Resources Corp

Houston Natural Resources Corp (www.HoustonNaturalResources.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. 

About Worldwide Diversified Holdings, Inc.

Worldwide Diversified Holdings, Inc.(www.wdhinc.net). The company is a diversified holding company with business operations and investments. The portfolio companies include investments in 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.

Contact:

Houston Natural Resources Corp.
E-mail: frank@HoustonNaturalResources.com   
Houston Texas USA
757-707-4563

View original content:http://www.prnewswire.com/news-releases/hnrc-reports-first-quarter-results-301294084.html

SOURCE Houston Natural Resources Corp.

FAQ

What were Houston Natural Resources Corp.'s Q1 2021 financial results?

Houston Natural Resources Corp. reported a 47% increase in net profits to $870,279 and revenues of $2,518,986 for Q1 2021.

How much have net assets increased for HNRC?

HNRC's net assets increased by 34%, reaching $72,616,087 for the quarter ending March 31, 2021.

What is the projected revenue for HNRC in 2021?

HNRC projects combined revenues of $23 million and earnings of $12 million for the year 2021.

What acquisitions has HNRC made?

HNRC has acquired approximately 2,800 acres of oil and gas leases in Crockett County, Texas, with proven reserves valued at $69 million.

What is HNR Oil Services LLC's revenue generation?

HNR Oil Services LLC has generated over $400,000 in revenue and expects to reach $15 million by the end of 2021.