HNRC Reports Record Second Quarter Results - Increases 186%

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) reported record results for the quarter ending June 30, 2021. Net earnings surged by 186% to $4,105,594 on revenues of $7,614,534, compared to $1,496,869 in net profits the previous year. The company’s net assets grew to $73,466,688, with an asset value of $4.76 per share. HNRC's subsidiaries are actively expanding in oil and gas as well as waste treatment. Plans include a potential up-listing to a major exchange and expansion of their water treatment facilities.

Positive

• Net earnings increased by 186% to $4,105,594.
• Revenues rose to $7,614,534 compared to $4,534,495 last year.
• Net assets increased to $73,466,688.
• Plans for up-listing to a major exchange.
• Expansion of water treatment facilities anticipated.

Negative

• None.

HOUSTON, Aug. 11, 2021 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNR or the Company") announced today record results for the quarter ending June 30, 2021. 

The company's net earnings have increased 186% to $4,105,594 on revenues of $7,614,534 for the six-month period ending June 30, 2021 from $1,496,869 net profits on revenues of $4,534,495 revenues for the same period ending June 30, 2020. The company reported $0.26c per share in earnings for the first six months of 2021.

The company's net assets have increased to $73,466,688 for the period ending June 30, 2021 as compared to $72,315,383 for the same period ending June 30, 2020.

The company's net asset value is $4.76 per share for the period ending June 30, 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 has completed two years of 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. It recently completed financing for additional equipment to increase its capabilities.

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. 

About Houston Natural Resources Corp
Houston Natural Resources Corp (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
Phone: +1 757-707-4563

View original content:https://www.prnewswire.com/news-releases/hnrc-reports-record-second-quarter-results---increases-186-301353525.html

SOURCE Houston Natural Resources Corp.

FAQ

What were the earnings reported by HNRC for the quarter ending June 30, 2021?

Houston Natural Resources Corp. reported net earnings of $4,105,594 for the quarter ending June 30, 2021.

How much did HNRC's revenue increase in the first half of 2021?

HNRC's revenue increased to $7,614,534 in the first half of 2021, up from $4,534,495 in the same period last year.

What is the net asset value per share for HNRC?

The net asset value per share for HNRC is $4.76 as of June 30, 2021.

What expansion plans does HNRC have for its subsidiary HNR Oil Services?

HNRC plans to expand its subsidiary HNR Oil Services to include four additional processing facilities within suitable oil and gas regions.

Has HNRC completed any financing for its operations?

Yes, HNRC has recently completed financing for additional equipment to enhance its water treatment capabilities.