HNRC TO ACQUIRE ADDITIONAL INTEREST IN CUNNINGHAM ENERGY
Houston Natural Resources Corp (OTC: HNRC) announced its intent to acquire up to 100% interest in Cunningham Energy, LLC by December 31, 2022. The 9% interest acquisition was valued at $19,620,000, increasing HNRC's asset value to $2.82 per share. The deal aims to expand HNRC's presence in oil and gas production across the US and Canada, with potential investments totaling $100 million and future funding of $600 million. Cunningham Energy, operating in the Appalachian Basin, has a leasehold valued at $218 million and plans for significant drilling programs.
- Acquisition of 9% interest in Cunningham Energy valued at $19,620,000, increasing asset value by $0.39 per share.
- Expansion into the oil and gas sector with potential investments of up to $100 million.
- Future funding plans estimated at $600 million from SPAC and PIPE transactions.
- Cunningham Energy's leasehold appraised at $218 million, enhancing HNRC's asset portfolio.
- None.
Acquisition to increase Revenue and Asset Value Substantially
HOUSTON, Oct. 17, 2022 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company") announced today that it extended its Letter of Intent to acquire additional interest, for up to
The company has previously announced the competition of the acquisition of a
HNRC will utilize an existing Special Purpose Acquisition Corporation with cash and securities for the acquisition of the additional interest in Cunningham Energy with the purpose of acquiring, exploring, and producing oil and gas in the United States and Canada. The proposed investment is for up to USD
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 18th, 2022, is
With this acquisition, the company further expands its interest in Oil, Natural Gas and Oil Field Services properties. It further expands its overall business interest to Canada and is looking to increase expansion internationally.
Cunningham Energy is an independent producer of oil and gas. Cunningham Energy conducts operations and oil/gas interests in the Appalachian Basin with over 30,000 plus net acres of leasehold. Cunningham Energy was formed in 2008 and was a pioneer of shallow horizontal oil drilling in West Virginia starting in 2014. During its future phase 1 development program in West Virginia, Cunningham Energy is to permit, drill, and complete 20 Shallow horizontal Big Injun, Weir, and Berea Sandstone Oil wells to fulfil legacy drilling & lease obligations. Identified currently are 68 potential development well sites on existing leases with plans to expand the company's leasehold footprint through future acquisitions and leasing.
Cunningham Energy is engaging auditors to complete its last two years audited statements for a listing onto NASDAQ or NYSE.
About Houston Natural Resources Corp
Houston Natural Resources Corp. (OTCMKTS: HNRC)(www.hnrcholdings.com) is a diversified energy company with oil and gas interests as well as wastewater treatment facilities. Additionally, the company owns over
The Company, through its subsidiary Houston Natural Resources, Inc sponsored HNR Acquisition Corp, a Special Purpose Acquisition Corp (NYSE:HNRA).
About Cunningham Energy LLC
Cunningham Energy (www.cunninghamenergy.com) is an independent producer of oil and gas based in Charleston, West Virginia. The company was formed in 2008 for the purpose of acquiring, exploring, and producing oil and gas in the Appalachian, Illinois, and Williston Basins. Since inception we have relied on past experience in parallel with the application of new technologies to succeed in the ever-changing field of efficient energy production. Cunningham Energy is positioned to take advantage of current and future trends in oil and natural gas production throughout these basins with aggressive but responsible decisions in the coming future.
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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