Houston Natural Resources Reports Q2 2023 Financials Period Ending June 30, 2023

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) reported significant growth in revenues, earnings, and EPS for the second quarter ending June 30, 2023. Total revenue for six months increased by 8% to $9,366,365, total earnings increased by 14% to $6,290,602, and earnings per share (EPS) increased by 25% to $0.05. The company also recorded a net asset value (NAV) of $0.25 per share in Q2 2023. Additionally, the company completed the acquisition of 100% of Cunningham Energy and announced plans for a name and symbol change to Cunningham Natural Resources Corp. They also disclosed plans to acquire an interest in an operating copper mine and completed a corporate action to Spin-Off the Worldwide Diversified Holdings, Inc. (WDHI) assets, subject to SEC approval for trading of WDHI shares.

Significant Growth Reported in Revenues, Earnings and EPS

HOUSTON, Aug. 15, 2023 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNR or the Company") announced today strong results for the second quarter ending June 30, 2023. 

Financial Results: Q2 2023 Ending June 30, 2023 vs Q2 2022 Ending June 30, 2022

• Total revenue for six months was $9,366,365 vs $8,687,641 increased 8%
• Total earnings for six months were $6,290,602 vs $5,526,987 increased 14%
• Earnings per share (EPS) for six months was $0.05 vs $0.04 increased 25%
• The company recorded a net asset value (NAV) of $0.25 per share Q2 2023

The Company announced it has completed the acquisition of 100% of Cunningham Energy and filed for a name and symbol change to Cunningham Natural Resources Corp. The company has announced that it will acquire an interest in an operating copper mine.

The Company also announced that during the period it has completed the company's corporate action to Spin-Off the Worldwide Diversified Holdings, Inc. (WDHI) assets. The trading of the WDHI shares will be subject to a registration statement being approved by the SEC.

About Houston Natural Resources Corp

Houston Natural Resources Corp. (OTC: HNRC) (www.hnrcholdings.com) is a diversified energy company with oil and gas interests. The Company has recently acquired a 100% interest in Cunningham Energy LLC, with appraised reserves of $352 million. The Company also has minority investments in Rhino Energy Ltd, CE Energy Sponsors, LLC and HNR Acquisition Corp. The Company will also continue to seek new energy and energy transitions opportunities as it focuses on creating more value for shareholders.

About Cunningham Natural Resources Corp

Cunningham Natural Resources Corp (www.cunninghamnaturalresources.com) 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.

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
Phone: (713) 425-4901
E-mail: frank@hnrcholdings.com 

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SOURCE Houston Natural Resources Corp

FAQ

What were Houston Natural Resources Corp.'s (OTC: HNRC) total revenues for the second quarter ending June 30, 2023?

Total revenue for six months was $9,366,365, increased by 8% compared to the same period in 2022.

What were Houston Natural Resources Corp.'s (OTC: HNRC) total earnings for the second quarter ending June 30, 2023?

Total earnings for six months were $6,290,602, showing a 14% increase compared to the second quarter of 2022.

What was Houston Natural Resources Corp.'s (OTC: HNRC) earnings per share (EPS) for the second quarter ending June 30, 2023?

Earnings per share (EPS) for six months was $0.05, marking a 25% increase compared to the same period in 2022.

What was the net asset value (NAV) per share for Houston Natural Resources Corp. (OTC: HNRC) in Q2 2023?

The company recorded a net asset value (NAV) of $0.25 per share in Q2 2023.

What acquisitions and changes did Houston Natural Resources Corp. (OTC: HNRC) announce?

The company completed the acquisition of 100% of Cunningham Energy and announced plans for a name and symbol change to Cunningham Natural Resources Corp. They also disclosed plans to acquire an interest in an operating copper mine and completed a corporate action to Spin-Off the Worldwide Diversified Holdings, Inc. (WDHI) assets, subject to SEC approval for trading of WDHI shares.