This morning, there could be considerable focus on the Houston Natural Resources Corp. (OTC:HNRC) stock after the company announced its financial results for the fiscal year that ended on December 31, 2023. In light of the announcement, it could be a good move for investors to take a look at the key numbers. The total revenues for the 12 months came in at $21,117,265, which worked out to an increase of 2.9% from the revenues of $20,516,899 in the previous fiscal year.
The total earnings in the period shot up 19.3% from the previous year to $11,501,687 from $9,641,297 in the 2022 fiscal year. The earnings per share came in at $0.06, and at the end of the period, the net asset value for Houston Natural Resources Corp. stood at $0.42 per share. In the news release, the company further stated that it remained focused on traditional oil and gas exploration work. However, it was also going to be focused on energy transition materials like lithium, gold, copper, and other precious and rare earth materials.
Additionally, Houston Natural Resources Corp. also enumerated some of its major achievements in the fiscal year that ended on December 31, 2023. The company noted that during the fiscal year it completed the 100% acquisition of Cunningham Energy LLC. Cunningham had been established in 2008 and had been involved in the acquisition, exploration, and production of oil and gas in the Western Basin, Illinois, and Appalachia. Another significant development was an investment that it made in the black-check company HNR Acquisition Corp. On November 15, 2023, HNR Acquisition Corp. completed a business combination and became a separate oil and natural gas entity of its own. Another key development for the company in the fiscal year was the acquisition of a 40% stake in Rhino Energy Pty Ltd.
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