Houston Natural Resources, Inc. (OTCMKTS: HNRC) is making a big move up the charts since reversing off 52-week lows of $0.062. HNRC is a highly volatile stock that spiked to highs of $0.84 in December but collapsed over investor fears over lack of transparency. According to the Company they have an assets value of $1.14 per share and they recently reported unaudited record financial results for the year ending December 31, 2022. Total revenue for twelve months was $ 20,516,899 vs $ 18,217,737 in fiscal 2021, an increase of 12.6 % HNRC also earned a net income of $9,641,297 an unheard-of number on the bulletin boards and earnings per share of $0.14. The problem is the Company is not an SEC filer and these numbers are not audited otherwise this stock would not be trading anywhere near the current valuation of $6 million.
HNRC has hired an accounting advisory firm to assist HNRC with a two-year current audited statement which will allow the company to apply for an up listing. The company has also signed an agreement with an underwriting firm to complete an up listing for HNRC on to a major exchange in 2023. Another exciting part of HNRC is the Company’s SPAC HNRAC Sponsors’ HNR Acquisition Corp which closed initial public offering listing on the NYSE with aggregate proceeds of $86,250,000 (NYSE:HNRA) HNR Acquisition Corp recently entered into a membership purchase agreement with Pogo Resources and two affiliates for a purchase price of $120 million dollars. Dallas-based Pogo acquires, develops, and exploits oil and gas assets in Texas’ Permian Basin. We will be updating on HNRC when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Houston Natural Resources, Inc. (OTCMKTS: HNRC) operating out of their executive offices in Houston, Texas, HNRC 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. The company will also continue to seek new oil and gas and wastewater acquisitions as it focuses on creating more value for HNRC shareholders. According to Houston Natural Resources the Company has a net asset value (NAV) of $1.15 per share in appraised energy assets. HNRC intends to continue to pursue its long-term strategy of acquiring energy assets and providing additional dividends to shareholders in 2023.
HNRC 100% owned subsidiary, HNR Oil Services LLC, is a Texas limited liability company, specializing in recycling and remediation of oil produced contaminates. HNR Oil Services will own and operate a licensed reclamation plant strategically located in south Texas.
Houston Natural Resources, Inc formed HNRAC Sponsors. LLC and HNRAC formed HNR Acquisition Corp., a Special Purpose Acquisition Corporation. On February 11, 2022, HNRA closed its initial public offering listing on the NYSE with aggregate proceeds of $86,250,000 (NYSE: HNRA). HNRA is a newly organized blank check company formed for the purpose of effecting a business combination with one or more businesses. While HNRA may pursue an initial business combination target in any business or industry, it intends to focus on assets used in exploring, developing, producing, transporting, storing, gathering, processing, fractionating, refining, distributing, or marketing of natural gas, natural gas liquids, crude oil or refined products in North America.
In January Houston Natural Resources, Inc, through its majority owned HNRAC Sponsors, LLC, sponsored SPAC HNR Acquisition Corp entered into a membership purchase agreement with Pogo Resources and two affiliates for a purchase price of $120 million dollars. Dallas-based Pogo acquires, develops, and exploits oil and gas assets in Texas’ Permian Basin.
HNRA has an estimated $86 million in its current trust and the transaction is expected to provide $100 million in cash proceeds to Pogo, including a $15 million promissory note. The sellers are also to receive 2,000,000 common HNRA shares, and 500,000 shares are to be placed in escrow for HNRA’s benefit. Aside from these shares, HNRA is to receive a 100% interest in Pogo Resources on the first day of the calendar month that is four months prior to the deal’s close.
In October, HNRA entered into a common stock purchase agreement with White Lion Capital, under which White Lion Capital could be directed to purchase up to $150 million in newly issued shares of the combined company between close and December 31, 2025.
HNRC previously announced its strategy will result in an additional dividend to its shareholders, after the lock up period has expired, on its SPAC investments. This would provide a potential additional dividend for Houston Natural Resources Corp.’s (OTC: HNRC) shareholders in 2023. Houston Natural Resources Corp. (OTC: HNRC) intends to continue to pursue its long-term strategy of acquiring energy assets and providing additional dividends to shareholders in 2023 and currently has a net asset value (NAV) $1.15 per share in appraised energy assets.
The Company is led by Frank Kristan who has more than 30 years of experience in the financial services industry. He became the President of Ludvik Capital, Inc and its successor Ludvik Holdings, Inc in 2005 that provides advisory services to private and public companies and is focused on making investments to increase revenues and portfolio value. He was also formerly the President and CEO of Patriot Advisors, Inc. primarily on companies in the energy, technology, telecommunications and internet related industries.
$HNRC Tiny O&G co. A $.13 stock that just earned $.14 for the year. Quite a complicated situation. Trying to spin off a subsidiary 1 share for every 2 held. They look for a target listing of $3.50 a share. https://t.co/tdUkXv1cPL
— Ronbo (@Ron284Ron) March 7, 2023
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HNRC also owns 9.9% of Cunningham Energy; an independent producer of oil and gas based in Charleston, West Virginia. The company was formed in 2008 for the purpose of acquiring, exploring, and producing oil and gas in the Appalachian, Illinois, and Williston Basins. Since its inception the Company has relied on past experience in parallel with the application of new technologies to succeed in the ever changing field of efficient energy production. Cunningham Energy is positioned to take advantage of current and future trends in oil and natural gas production throughout these basins with aggressive but responsible decisions in the coming future and holds appraised reserves of $352 million. http://www.cunninghamenergy.com
The Company’s subsidiary Worldwide Diversified Holdings, Inc. is focused on using a public trading vehicle, to acquire ownership positions in small to middle market companies over the next three years. The operations will provide for income from advisory services, interest, dividends and capital gains from investments in public and private companies in diversified industries worldwide. www.wdhinc.net
In February HNRC hired an attorney to file an SEC registration statement on behalf of its subsidiary Worldwide Diversified Holdings, Inc (“WDHI”) for a public listing. The anticipated target listing price will be $3.50 per share. The shares in the previously announced spin-off of the non-energy assets included in the dividend program will be registered for trading on the open market. With a target listing of $3.50 per share, each HNRC shareholder will be issued one WDHI common share for every two HNRC common shares that were shareholders of record on December 16, 2022, equivalent to a $ 1.75 per HNRC common share stock dividend.
On December 5, 2022, HNRC filed the corporate action for review by FINRA to allow the company to issue the stock dividend of one WDHI shares for every two shares of HNRC held by the shareholder on the record date. FINRA has responded and HNRC has been consistently corresponding to complete this review process. The company will continue to keep its shareholders informed regarding this dividend event.
HNRC has hired an accounting advisory firm to assist HNRC with a two-year current audited statement which will allow the company to apply for an up listing. The company has also signed an agreement with an underwriting firm to complete an up listing for HNRC on to a major exchange in 2023. The $10 million dollar underwriting commitment for working capital to fund current operations, expansion and acquisitions. According to HNRC the Company is focused on realizing the value on the total of $1.15 per share in current appraised energy assets held by its subsidiaries for the benefit of the shareholders and is evaluating additional acquisitions in the energy and energy services industry to provide value for shareholders.
On March 7 HNRC reported record financial results for the year ending December 31, 2022. Total revenue for twelve months was $ 20,516,899 vs $ 18,217,737 in fiscal 2021, an increase of 12.6 % HNRC also earned a net income of $9,641,297 an unheard of number on the bulletin boards compared to a net income of $7.6 million in fiscal 2021. HRNC reported Earnings per share for twelve months was $ 0.14 per share.
Frank Kristan, President of Houston Natural Resources Corp commented that: “We are delighted that our growth is continuing with strong results reported for the year ending December 31, 2022. The company’s increase in revenues and earnings has been due to acquisitions and an increase in services it provides to its portfolio companies. The company sponsored a successful $86 million NYSE listing of an energy focused special purpose acquisition corporation in 2022 and acquired an interest in Cunningham Energy. We anticipate consistent growth from revenue and profit in 2023 in addition to other liquidity events for HNRC shareholders. The company is evaluating sponsoring other energy focused special purpose acquisition corporations in addition to water treatment plants, oil and gas assets and energy services opportunities.”
$HNRC (.06) Book Value .97! Just look at this: pic.twitter.com/LpjJgMWBMK
— zardiw (@zardiw) March 3, 2023
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Currently trading at a $6 million market valuation HNRC os is 74,696,433 with around 4,183,515 shares in the public float according to OTCMarktes. According to the Companys unaudited financial statements they have $92 million in assets and are virtually debt free with just $1 million in liabilities on the books. As we described above HNRC has a ton going for it and if they can successfully get their books audits and become an SEC filer that current valuations will be history. According to HNRC multiple press releases they have an assets value of over $1 per share and earned a net income of $9.6 million in fiscal 2022. Not only that they are the majority owner of a NYSE SPAC which recently entered into a membership purchase agreement with Pogo Resources and two affiliates for a purchase price of $120 million dollars. Dallas-based Pogo acquires, develops, and exploits oil and gas assets in Texas’ Permian Basin. We will be updating on HNRC when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Disclosure: we hold no position in HNRC either long or short and we have not been compensated for this article.