Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
HNRC TO ACQUIRE ADDITIONAL INTEREST IN CUNNINGHAM ENERGY
https://www.prnewswire.com/news-releases/hnrc-to-acquire-additional-interest-in-cunningham-energy-301650986.html
Acquisition to increase Revenue and Asset Value Substantially
HOUSTON, Oct. 17, 2022 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company") announced today that it extended its Letter of Intent to acquire additional interest, for up to 100% interest, in Cunningham Energy, LLC on or before December 31, 2022.
The company has previously announced the competition of the acquisition of a 9% interest of Cunningham Energy, in cash and securities, valued at $19,620,000.
HNRC will utilize an existing Special Purpose Acquisition Corporation with cash and securities for the acquisition of the additional interest in Cunningham Energy with the purpose of acquiring, exploring, and producing oil and gas in the United States and Canada. The proposed investment is for up to USD $100,000,000 in cash and securities and subject to the competition of due diligence and financing. The parties are committed to closing the transaction on or before December 31, 2022. Under the Letter of Intent additional future development funding for up to $600,000,000 from SPAC and PIPE follow on transactions are also planned. These acquisition interests bring HNRC into the Oil & Gas Exploration and Production business with room for further asset and revenue growth.
An independent engineering company has completed an evaluation of the Oil & Gas Assets of Cunningham Energy. The appraised value of the company's leasehold position as of May 18th, 2022, is $218 million dollars, assuming the current proposed 40 well drilling program is completed. The acquisition of the 9% interest of Cunningham Energy, in cash and securities, is valued at $19,620,000, which increases the company asset value by $0.39c per share to $2.82 per share from $2.43 per share, up 16% as reported in their Q2 financials an August 1, 2022, based on the current shares outstanding.
With this acquisition, the company further expands its interest in Oil, Natural Gas and Oil Field Services properties. It further expands its overall business interest to Canada and is looking to increase expansion internationally.
Cunningham Energy is an independent producer of oil and gas. Cunningham Energy conducts operations and oil/gas interests in the Appalachian Basin with over 30,000 plus net acres of leasehold. Cunningham Energy was formed in 2008 and was a pioneer of shallow horizontal oil drilling in West Virginia starting in 2014. During its future phase 1 development program in West Virginia, Cunningham Energy is to permit, drill, and complete 20 Shallow horizontal Big Injun, Weir, and Berea Sandstone Oil wells to fulfil legacy drilling & lease obligations. Identified currently are 68 potential development well sites on existing leases with plans to expand the company's leasehold footprint through future acquisitions and leasing.
Cunningham Energy is engaging auditors to complete its last two years audited statements for a listing onto NASDAQ or NYSE.
to finish strong......go HNRC $$$$$$$$$$$$$$
Houston Natural Resources Corp (OTCMKTS:HNRC) – Houston Natural Resources Corp is one of the companies which hold considerable interests in the oil and natural gas sector.
Earlier on in the week, the company announced that it had completed a transaction with regard to the acquisition of an interest in Cunningham Energy LLC. It was a major new acquisition considering the fact that following the completion of the transaction, the asset value of Houston Natural Resources Corp went up by 16% to hit $2.82 a share.
I understand that we will get a dividend from HNRA in the new year. Not sure about Cunningham dividend. Sounds good to me also. I thought we might have run up higher on the news.
9% stake of a giant company, right?
sounds pretty good to me.
WDHI spinoff is supposed to be the first of our dividends,
do we still get a piece of HNRA which is already been listed?
will the cunningham deal result in a cash dividend down the road?
interesting stuff
What happened to this board? Any thoughts on the Cunningham deal?
accumulate.....what an opportunity.....this is a company which is going to be huge......will make us proud....glta
Hey y'all, my apologies. I'd fixed up the iBox earlier this year and then disappeared on you - it's been a hectic year and I've barely posting on ihub at all. I meant to update this when the dividend and date of record were released and then got covid and subsequently forgot. Anyway, somehow I don't seem to be a moderator anymore - I'll make a few posts, get mod status again, and update the iBox will all the good new info. But some other moderator could also feel free to update the iBox now and then :) Anyway, I'll have it spruced up by Monday at the latest.
Excellent..those restricted shares were for the deal .
Lets see what that news does for the stock price..i hope
CSTI is still short.
we should be getting news soon....big news......this is the time to add..........go HNRC
HNRC volume was 388.048 - average volume is 280.110.
Definitely getting accumulated watching Level II.
Great week.
I agree with you and Ace.......also, I think there must be a reason.....I think some thing BIG is up......go HNRC
Looking real good!
HELLO .50s..huge buying!!
Looking good here.
OPEC making big oil cut.............go HNRC
I may load more. I see a big turn around for them!
could be.
is that Cunningham that we've been waiting for?
Unrestricted 27 million..the rest restricted..aquisition ?
So what do you think?
outstanding increased 17 MILLION
went from 33 to 50m
https://www.otcmarkets.com/stock/HNRC/security
and they're gonna pay a dividend on all of those?
*eye roll*
It makes sense to buy now, so you not only qualify for the dividend, but also catch the run up as we get closer to Dec 16th.
Bids are getting big here in the .40s.Big move coming imo
It just hasn't happened yet. These deals always take more time then original estimates.
It just hasn't happened yet. These deals always take more time then original estimates.
they said nothing about Cunningham in the last pr.......what do we all think that means?????
I believe the dividend is tied to the opening price of WDHI. (Worldwide) if it opens at 5 dollars it will be 1.75. Even if it opens lower the corresponding dividend is still tremendous.
hit that ask folks.......long way yet to run.........Crawfors, good to see you........
Looks like the ask is upticking this AM .
CSTI for months has been selling...short?
"Dividend them to its shareholders of record on December 16, 2022."
AKA, Dividend Ex-Date
Means anyone who owns shares on 12/16 is a shareholder of record.
Thanks! The way it's written, I understood that they will dividend on Dec 16 to shareholders of record, but doesn't clarify what the "record" day is.
I must be misreading / mistranslating?
Here's what it says.
"HNRC or the Company") announced today that it will spin off its non-energy assets to its wholly owned subsidiary Worldwide Diversified Holdings, Inc and then dividend them to its shareholders of record on December 16, 2022.
Not a cash dividend. The whole PR focuses on dividend of shares.
if they pull this off- it removes all the doubt and the venom they've received claiming they're fake
it sounds like it's a cash dividend now? that was how I read it.
this is also a wonderful way to organically raise the share price of HNRC and push them forward.
december 16th.
reread it my man
What's the deadline date to get in HNRC to be eligible for the $1.75 spin off shares on Dec 16?
sorry....close at high of day....nice.....nice pr....I still want to see the Cunningham one.....this will make us all proud to be here....HNRC
Any insight about today?
What do you think?
Getting interesting .42 up..csti you short mofo
HNRC @ .39: Heads up...Big online gurus jumping on HNRC now. Big volume on tap.
9/28/2022
"Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") announced today that it will spin off its non-energy assets to its wholly owned subsidiary Worldwide Diversified Holdings, Inc and then dividend them to its shareholders of record on December 16, 2022. The shares will be distributed to the Company's shareholders upon an effective registration statement. The company is anticipating the registration statement to be completed in the fourth quarter of 2022. The transaction will provide for a dividend of $1.75 per share for every one share of HNRC held by the shareholder on the record date.
HUGE VOLUME POURING IN!!
$HNRC DECLARES DIVIDEND DATE FOR ASSET SPINOFF TO SHAREHOLDERS
https://www.prnewswire.com/news-releases/hnrc-declares-dividend-date-for-asset-spinoff-to-shareholders-301635194.html
HOUSTON, Sept. 28, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") announced today that it will spin off its non-energy assets to its wholly owned subsidiary Worldwide Diversified Holdings, Inc and then dividend them to its shareholders of record on December 16, 2022. The shares will be distributed to the Company's shareholders upon an effective registration statement. The company is anticipating the registration statement to be completed in the fourth quarter of 2022. The transaction will provide for a dividend of $1.75 per share for every one share of HNRC held by the shareholder on the record date.
The Company has previously announced that, effective June 30, 2022, the Board of Directors has approved the transfer of the non-energy investments of $53,307,324 in exchange for common shares of Worldwide Diversified Holdings, Inc ("WDHI"). The Company received the requisite stockholder approval granting the Board of Directors the authority to affect the transfer of the assets and approve the dividend to the shareholders. WDHI will focus on acquisitions in the technology, telecommunications and software industries.
Shareholders owning shares through a broker or other nominee will have their positions automatically adjusted to reflect the dividend and will not be required to take any action in connection with the transaction. The transaction would not have any impact on the voting and other rights of stockholders and will have no impact on the Company's business operations or any of its outstanding indebtedness.
With the completion of the transaction, the company will now be focused on (i) acquisitions of income producing oil and gas properties, (ii) expansion of its wastewater treatment facilities, (iii) additional equipment for the existing 83 oil well rework project and (iv) on completing its listing onto the OTCQB.
HOUSTON, Sept. 28, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") announced today that it will spin off its non-energy assets to its wholly owned subsidiary Worldwide Diversified Holdings, Inc and then dividend them to its shareholders of record on December 16, 2022. The shares will be distributed to the Company's shareholders upon an effective registration statement. The company is anticipating the registration statement to be completed in the fourth quarter of 2022. The transaction will provide for a dividend of $1.75 per share for every one share of HNRC held by the shareholder on the record date.
HNRC REPORTS RECORD RESULTS FOR PERIOD ENDING MARCH 31, 2022
https://www.prnewswire.com/news-releases/hnrc-reports-record-results-for-period-ending-march-31-2022-301535722.html
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |