Houston Natural Resources Reports Q1 2023 Financials Period Ending March 31, 2023

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May 04, 2023, 08:00 ET

Significant Growth Reported in Revenues, Earnings, Assets and EPS

HOUSTON, May 4, 2023 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNR or the Company") announced today strong results for the first quarter ending March 31, 2023.

Financial Results: Q1 2023 Ending March 31, 2023 vs Q1 2022 Ending March 31, 2022

Total revenue for three months was $4,178,580 vs $3,562,169 increased 17%
Total earnings for three months were $2,660,713 vs $2,011,988 increased 32%
Total assets for the period were $92,839,255 vs $73,973,967 increased 25%
Earnings per share (EPS) for three months was $0.03 vs $0.02 increased 50%
The company recorded a net asset value (NAV) of $1.16 per share Q1 2023

The Company has announced that FINRA has completed the review of the company's corporate action to Spin-Off the Worldwide Diversified Holdings, Inc. (WDHI) assets. The Spin-off is for shareholders of record of April 28, 2023, and a payable date of May 26, 2023. 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. (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, has 83 oil wells, with estimated 33 million barrels of oil and water treatment and appraised reserves of $69 million. The company has acquired a 9.9% interest in Cunningham Energy LLC with appraised reserves of $352 million.

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