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

News provided by

Aug 01, 2022, 08:30 ET

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.

SOURCE Houston Natural Resources Corp