HOUSTON NATURAL RESOURCES CORP UPDATES SHAREHOLDERS

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Oct 04, 2023, 08:00 ET

Appraised asset values of $2.60 per share - 2023 proforma earnings of $0.08 per share

HOUSTON, Oct. 4, 2023 /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 provide some insight into the strategic direction for 2023 and beyond. The company has filed for a name change to Cunningham Natural Resources Corp, a symbol and CUSIP change.

The company has appraised asset values of $2.90 per share, with the 2023 proforma earnings of $0.08 per share. The company is dedicated to increasing stockholder value and has completed the following achievements in 2023:

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 fourth quarter.
Completed the acquisition of a 100% interest in Cunningham Energy, LLC. An independent engineering company has completed an evaluation of the Oil & Gas Assets of Cunningham Energy. The appraised value of the Cunningham Energy, LLC leaseholds as of December 31^st, 2022, is $352 million dollars assuming a 68 well drilling program.
Completed an acquisition of a 9% interest in the Placer Claims known as the 'Nugget Trap Placer Mine" in the British Columbia Mineral Title registry covering 573.7 acres and the accompanying permits and authorizations that is situated within the Skeena Mining Division of British Columbia, Canada in the area known as BC`s Golden Triangle. The initial permit is for reserves valued in excess of $500 million.
Completed an acquisition of a 40% interest in Rhino Energy Pty Ltd that has an investment in a junior energy company currently focused on the development of its interests in the Cold Lake and Wabasca areas of Alberta Canada. The interests have a reserve report for total proved, probable and possible 15,469,000 bbls @ a weighted average of $84.05 for the year 2022 and a value of $1.3Billion.
The company has realized the value on a total of $0.15 per share in current energy assets held by its subsidiaries with the potential for a 10% per share future dividend.
HNRC expects that they will exceed their annual projections for 2023 of over $20 million in revenue and $12 million in earnings.
The company has engaged an underwriter for a $10 million dollar commitment for an up listing to a major exchange in 2023.
The company is evaluating additional acquisitions in the energy and energy services industry to provide value for shareholders.

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: [email protected]
Website: www.hnrcholdings.com
Twitter: https://twitter.com/CunninghamCorp

SOURCE Houston Natural Resources Corp