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“Houston Natural Resources Corporation (OTC: HNRC) Thrives with SPAC Launch, Property Acquisitions, and Financial Milestones”

Houston Natural Resources Corporation (OTC: HNRC), engaged in oil and natural gas exploration along with energy transition resources, recently launched its own Special Purpose Acquisition Company (SPAC) known as HNR Acquisition Corp. SPACs are recognized as special purpose entities designed to expedite the process of taking private companies public. Lately, these entities have gained significant popularity, facilitating swift business combination transactions such as mergers, share exchanges, share purchases, and asset acquisitions involving one or more businesses. Operating independently, HNR Acquisition Corp. is engaged in the development, exploration, acquisition, and production of oil and gas properties situated in the Permian Basin. 

On November 28, HNR Acquisition Corp. declared the successful completion of a property acquisition, having obtained the full equity interest in Pogo Resources LLC and its subsidiary unit, LH Operating LLC (jointly referred to as LHO). The business combination was finalized on November 15. HNR Acquisition Corp. also disclosed the submission of its 8K filing with the United States Securities and Exchange Commission on November 21, 2023. 

Formerly a privately held entity, LHO had been overseeing operations in the Grayburg-Jackson field since 2020, having acquired the property in 2019. The initial production rate, established in 2020, stood at approximately 500 barrels of oil equivalent per day. HNR Acquisition Corp. reported a significant increase in baseline production, reaching an average of 1,388 barrels of oil equivalent per day during the nine-month period concluding on September 30, 2023. 

During the same period, LHO demonstrated positive cash flow generating revenue of $20.3 million, coupled with a net income of $3.9 million. As of September 30, 2023, LHO's total assets amounted to $70.4 million. HNR Acquisition Corp. stated that it would release its consolidated financial results for the fiscal year ending on December 31, 2023, after the completion of the transaction.

Houston Natural Resources Corporation (OTC: HNRC) reported revenues of $15,241,815 for the nine-month period ending on September 30, 2023, representing a 5% increase from the $14,462,094 generated in Q3 2022. Earnings amounted to $8,871,912, reflecting a 9% year-over-year growth. Earnings per share (EPS) reached $0.06, marking a 20% increase from $0.05 in Q3 2022. The net asset value (NAV) per share in the third fiscal quarter was $0.62. A significant achievement for the company during the quarter was the acquisition of a 100% stake in Cunningham Energy LLC. HNRC’s current stock value is at its lowest point within the 52-week period, while it reached a peak of $0.84 during the same timeframe. 

Houston Natural Resources submitted a filing to FINRA, seeking approval for alterations in its name, CUSIP number, and ticker symbol. The proposed name change is to Cunningham Natural Resources Corporation. Additionally, the company successfully executed the spinoff of assets belonging to Worldwide Diversified Holdings Inc. during the quarter, leading to the distribution of dividends to its shareholders. 

On November 1, the Chairman & CEO of the company, Frank Kristan, delivered a speech at the Emerging Growth Conference. You can access the recording or listen to the session by following this link: You can listen here



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