Sign In  |  Register  |  About Walnut Creek Guide  |  Contact Us

Walnut Creek, CA
September 01, 2020 1:43pm
7-Day Forecast | Traffic
  • Search Hotels in Walnut Creek Guide

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Houston Natural Resources (OTC: HNRC) Powerful Details Emerge Following Major Energy News Announcement

Houston Natural Resources Corp (OTCMKTS: HNRC) soared 11.27% on 3.5 times average 30-day volume after the company announced that it completed the acquisition of a 100% stake in Cunningham Energy LLC. The transaction boosted the net asset value or NAV to $3.35 a share.  However, the important details are yet to unfold in 2023.

Following the acquisition, Houston Natural Resources Corp is planning to change its name to Cunningham Natural Resources Corp. The entity would be focused on the oil and gas businesses as well as energy transition materials, which would include mining opportunities in lithium, gold, copper, and other precious and rare earth materials.

While the focus of the investments would be at a global level, sustainability plans to list on the NYSE or NASDAQ in 2023 following the completion of their current financial audit which would also be accompanied by an underwriting commitment of $10 million.

The evaluation of the oil and gas assets of Cunningham Energy had also been conducted by an independent engineering firm. The independently appraised value of the company's leasehold position of Cunningham Energy as of December 31, 2022, stood at $352 million. The value had been reached on the assumption that the current drilling program consisting of 68 holes would be completed.

Cunningham Energy is an independent oil and gas producer, which conducts its operations in the Appalachian Basin. It boasts of leasehold to the tune of 30,000 net acres. The company, which had been established in 2008, emerged as a major pioneer in the field of horizontal drilling in West Virginia in 2014.

In the upcoming Phase 1 development program in West Virginia, the company would need to get permits and then drill and complete 20 horizontal oil wells to take care of its lease and lease drilling obligations. The company has a business unit named Cunningham Energy of Canada, which is concerned with 950,000 acres of leasehold in Matapedia Valley in Quebec, Canada. It holds that interest on a 75% net revenues interest basis from Marzcorp Inc by way of an executed farmout agreement. Through this collaboration, more than $14 million had been invested into the project. Cunningham Energy is also expected to get into several joint ventures, on a deal-by-deal basis, with Viper Capital Partners.

Previously, the company had picked up a 9.9% stake in Cunningham. Yesterday, the company completed an additional 90.1% acquisition, taking the Company's total investment in Cunningham Energy LLC to a 100% interest.

The transaction had been completed through the issuance of preferred and common stock. The acquisition price also included an escrow of preferred shares in lieu of certain liabilities of Cunningham. Ryan Cunningham would continue to manage Cunningham Energy following the acquisition.

 

 

Disclaimers: The Private Securities Litigation Reform Act of 1995 provides investors with a safe harbor with regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, assumptions, objectives, goals, and assumptions about future events or performance are not statements of historical fact and may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements, indicating certain actions & quotes; may, could or might occur Understand there is no guarantee past performance is indicative of future results. Investing in micro-cap or growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor's investment may be lost or due to the speculative nature of the companies profiled. TheStreetReports (TSR) is responsible for the production and distribution of this content."TSR" is not operated by a licensed broker, a dealer, or a registered investment advisor. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. "TSR" authors, contributors, or its agents, may be compensated for preparing research, video graphics, podcasts and editorial content. "TSR" has not been compensated to produce content related to "Any Companies" appearing herein. As part of that content, readers, subscribers, and everyone viewing this content are expected to read the full disclaimer in our website.

Media Contact
Company Name: The Street Reports
Contact Person: Editor
Email: Send Email
Country: United States
Website: http://www.thestreetreports.com


Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 WalnutCreekGuide.com & California Media Partners, LLC. All rights reserved.