HNRC REPORTS RECORD RESULTS FOR PERIOD ENDING MARCH 31, 2022

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) reported record financial results for the quarter ending March 31, 2022. Total revenue reached $3,562,169, a 41% increase compared to the same quarter in 2021. Operating earnings surged by 123% to $2,062,075. Earnings per share rose to $0.08, marking a 33% increase. Total assets increased modestly by 2% to $73,973,967. The company plans to focus on acquisitions in water treatment and oil and gas sectors, alongside sponsoring new special purpose acquisition corporations.

Positive

• Total revenue increased by 41% to $3,562,169.
• Operating earnings surged 123% to $2,062,075.
• Earnings per share rose to $0.08, a 33% increase.
• Total assets increased by 2% to $73,973,967.

Negative

• None.

Significant Growth Reported in Total Revenue (41%)
Significant Increase in Operating Earnings (123%)

HOUSTON, April 28, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNR or the Company") announced today record results for the quarter ending March 31, 2022. 

Financial Results: Three Months March 31, 2022 vs Three Months March 31, 2021

• Total revenue for three months was $3,562,169 vs $2,518,986, an increase of  41%

• Total earnings for three months were $2,062,075 vs $920,866, an increase of 123%

• Total assets for the period were $73,973,967 vs $72,616,087, an increase of 2%

• Earnings per share for three months was $0.08c vs $0.06c, an increase of 33%

• The company has a net asset value of $3.03 per share as of March 31, 2022.

Frank Kristan, President of Houston Natural Resources Corp commented that:

 "Our growth is continuing with strong results for the quarter ending March 31, 2022. The company's increase in revenues and earnings has been due to an increase in services it provides to its portfolio companies. The company is focused on sponsoring a new special purpose acquisition corporation in each quarter this year. This will provide dividends in the future. The company intends to make acquisitions of water treatment plants and oil and gas properties."

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.

Contact:
Houston Natural Resources Corp
E-mail: frank@hnrcholdings.com 
Houston Texas USA.
Phone: (757) 707-4563

View original content:https://www.prnewswire.com/news-releases/hnrc-reports-record-results-for-period-ending-march-31-2022-301535722.html

SOURCE Houston Natural Resources Corp.

FAQ

What were the total revenues for HNRC in quarter ending March 31, 2022?

Total revenues for the quarter were $3,562,169, a 41% increase from the previous year.

How much did HNRC's operating earnings increase by for the March 31, 2022 quarter?

Operating earnings increased by 123% to $2,062,075 for the quarter.

What is the earnings per share for HNRC for the quarter ending March 31, 2022?

The earnings per share for the quarter was $0.08, a 33% increase compared to the same quarter last year.

What is the total asset value for HNRC as of March 31, 2022?

Total assets for HNRC were $73,973,967 as of March 31, 2022.

What future plans did HNRC mention in their press release?

HNRC plans to make acquisitions of water treatment plants and oil and gas properties and sponsor new special purpose acquisition corporations.