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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.



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