Houston Natural Resources Corp (HNRC)

[OTCShotCaller]

HNRC buys remaining stake in Cunningham Energy

The deal will see HNRC rebranded to Cunningham Natural Resources Corp; a 100% Acquisition

https://www.offshore-technology.com/news/hnrc-buys-cunningham-energy/#catfish

https://www.cunninghamenergy.com/

Houston Natural Resources Corp (HNRC) has announced the acquisition of Cunningham Energy, an independent oil and gas producer.

The financial value of the cash and securities deal increases HNRC’s net asset value to $3.35 per share

In October 2022 HNRC acquired a 9.9% stake in Cunningham Energy in a cash and securities deal valued at $19.62m. Now, HNRC has acquired the remaining 90.1% stake in Cunningham Energy.

Set up in 2008, the acquired company operates and holds oil and gas interests on more than 30,000 net acres of leasehold in the Appalachian Basin.

Through a farm-out agreement, Cunningham Energy of Canada controls Marzcorp’s 75% net revenue interest holding in more than 965,000 acres in the Matapedia Valley, Gaspesie, Quebec, Canada.

UP from here!

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