Houston Natural Resources Corp Updates Shareholders

Rhea-AI Summary

Houston Natural Resources Corp (OTC: HNRC) has filed for a name change to Cunningham Natural Resources Corp and completed the acquisition of Cunningham Energy, increasing HNRC's net asset value by $1.70 per share. The company is focusing on traditional oil and gas opportunities, energy transition materials, and global sustainability. Cunningham Energy has completed audited statements for a potential listing on the NASDAQ or NYSE in 2024 with an underwriting commitment of $10 million. The company has also filed for a restructuring to meet qualifications for a national exchange, expected to be completed in the first quarter of 2024. Additionally, the company completed an asset spinoff dividend to shareholders of Worldwide Diversified Holdings, Inc. and filed with the SEC for registration for the shares to be traded in the first quarter of 2024.

HOUSTON, Jan. 3, 2024 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company") updated shareholders with a summary of its recent business developments, significant achievements, as well as providing some insight for 2024 and beyond.

The company has filed for a name change to Cunningham Natural Resources Corp, a symbol and CUSIP change that has been filed with FINRA having recently completed the acquisition of a 100% interest in Cunningham Energy, LLC ("CE" or "Cunningham Energy"), increasing HNRC's net asset value (NAV) by $1.70 Per Share.

Cunningham Natural Resources Corp will be focused on traditional oil and gas opportunities and energy transition materials including mining opportunities in copper, lithium, gold, as well as other precious and rare earth metals. The investment focus will be global with sustainability at the core of the strategy. Cunningham Energy has completed the prior two years of audited statements for a listing on the NASDAQ or NYSE in 2024 with an underwriting commitment of $10 million dollars. The company has also filed a restructuring to meet qualifications for a national exchange that is expected to be completed in the first quarter of 2024. All other requirements for uplisting will be submitted upon completion of regulatory review. The company looks forward to great success on a greater exchange where shareholder value can be maximized with potential dividends in place for 2024.  

The company completed an asset spinoff dividend to shareholders of Worldwide Diversified Holdings, Inc. ("WDHI") a majority owned subsidiary of HNRC and filed with the SEC for registration for the shares to be traded in the first quarter of 2024.

About Houston Natural Resources Corp

Houston Natural Resources Corp. (OTC: HNRC) (https://hnrcholdings.gcs-web.com) stands as a versatile energy enterprise with stakes in both oil and gas. Notably, the company has successfully obtained full ownership, a 100% interest, in Cunningham Energy LLC, boasting appraised reserves totaling $352 million. Additionally, Houston Natural Resources Corp. holds minority investments in Rhino Energy Ltd, CE Energy Sponsors, LLC, and HNR Acquisition Corp. Demonstrating a commitment to growth, the company remains proactive in its pursuit of new opportunities within the energy and energy transitions sectors, all with the overarching goal of delivering enhanced value to its shareholders.

About Cunningham Natural Resources Corp

Cunningham Natural Resources Corp (www.cunninghamnaturalresources.com) is dedicated to pursuing both conventional oil and gas prospects and opportunities in energy transition materials. This encompasses mining ventures in copper, lithium, gold, as well as other valuable and rare earth metals. With a global perspective, the investment strategy is underpinned by a commitment to sustainability, making it an integral element of the company's core approach.

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
12 Greenway Plaza, Suite 1100
Houston, Texas 77046
Website: www.hnrcholdings.com
Twitter:   https://twitter.com/CunninghamCorp

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SOURCE Houston Natural Resources Corp

FAQ

What is the new name and ticker symbol for Houston Natural Resources Corp?

The new name is Cunningham Natural Resources Corp and the ticker symbol is HNRC.

What was the net asset value increase per share after the acquisition of Cunningham Energy?

The net asset value increased by $1.70 per share.

What are the focus areas for Cunningham Natural Resources Corp?

The focus areas include traditional oil and gas opportunities, energy transition materials, and global sustainability.

What is the underwriting commitment for the potential listing on the NASDAQ or NYSE in 2024?

The underwriting commitment is $10 million.

What is the expected completion timeline for the restructuring to meet qualifications for a national exchange?

The completion is expected in the first quarter of 2024.

What was the asset spinoff dividend completed by the company?

The company completed an asset spinoff dividend to shareholders of Worldwide Diversified Holdings, Inc.

What is the expected timeline for the registration of the shares for trading with the SEC?

The shares are expected to be traded in the first quarter of 2024.