Houston Natural Resources Corp Reports 2Q Financials June 30, 2022

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) reported robust second quarter results for 2022, showcasing a 41% year-over-year revenue increase to $5,125,473. Year-to-date earnings also rose by 38%, reaching $5,526,987. The company's total assets surpassed $74 million, with a net asset value of $2.43 per share. Notably, HNRC announced a spin-off of a $53 million non-energy asset into Worldwide Diversified Holdings, resulting in a dividend for shareholders. The company plans an up listing to OTCQB in Q4.

Positive

• 41% year-over-year revenue increase to $5,125,473.
• Net earnings increased 38% to $5,526,987.
• Total assets exceeded $74 million.
• Net asset value stands at $2.43 per share.
• Spin-off of $53 million non-energy asset to Worldwide Diversified Holdings.
• Shareholders to receive $1.75 in WDHI shares for each HNRC share.
• Planned up listing to OTCQB in Q4.

Negative

• None.

Total Revenue 2022 YTD increase 41% Y/Y & Earning 2022 YTD increased 38% Y/Y

Total Assets Exceeding $74M Second Quarter June 30, 2022  

HOUSTON, Aug. 1, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNR or the Company") announced today record results for the second quarter 2022, quarter ending June 30, 2022. The company's second quarter revenues of $5,125,473 and $8,687,641 for the first six months of 2022 a 41% increase compared to $7,614,534 through June 30, 2021.

The company's net earnings have increased 38% to $5,526,987 for the six-month period ending June 30, 2022, compared to $4,006,260 for the same period ending June 30, 2021. This equates to $0.18 per share in earnings per share (EPS) for the first six months of 2022.

The company's net assets have increased to $74,111,221 and the company's net asset value is $2.43 per share for the period ending June 30, 2022.

In the first quarter the company sponsored HNR Acquisition Corp a special purpose acquisition corporation that raised $86 million for a business combination. The company is currently working on sponsoring a second special purpose acquisition. The company plans to make an up listing to the OTCQB in the fourth quarter. 

The second Quarter the company announced a $53M non energy asset spin-off into Worldwide Diversified Holdings, Inc. (WDHI) in 2022 and HNRC's shareholders would receive a dividend of $1.75 of WDHI shares for each HNRC share owned as announced on June 30, 2022.  The spin-off changes the focus of the company towards its energy reserves, primarily 83 oil wells, estimated 33 million barrels in Texas among other interests.

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.  The Halff Oil Field in Crockett County, Texas, 83 oil wells, estimated 33 million barrels of oil and water treatment and appraised reserves of $69 million. The company will also continue to seek new oil and gas and wastewater acquisitions as it focuses on creating more value for HNRC investors.

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.

View original content:https://www.prnewswire.com/news-releases/houston-natural-resources-corp-reports-2q-financials-june-30-2022-301596893.html

SOURCE Houston Natural Resources Corp

FAQ

What were Houston Natural Resources Corp's second quarter 2022 revenues?

Houston Natural Resources Corp reported second quarter revenues of $5,125,473.

How much did the company earn in the first six months of 2022?

The company's net earnings for the first six months of 2022 were $5,526,987.

What is the total asset value of Houston Natural Resources Corp as of June 30, 2022?

As of June 30, 2022, the total asset value exceeded $74 million.

What is the significance of the spin-off announced by HNRC?

The spin-off involved $53 million in non-energy assets and will provide shareholders with a dividend of $1.75 in WDHI shares per HNRC share.

When does Houston Natural Resources Corp plan to uplist to OTCQB?

The company plans to uplist to OTCQB in the fourth quarter of 2022.