Skip to main content

Cunningham Natural Resources, A/K/A Houston Natural Resources (OTC:HNRC), “Exploring New Horizons as a North American Mining Explorer Extraordinaire

Cunningham Natural Resources Corporation (OTC: HNRC), also known as Houston Natural Resources Corporation, is a diversified energy company with interests in oil, natural gas, precious metals and critical minerals. Recently, it completed the 100% acquisition of Cunningham Energy LLC, which boasted appraised reserves to the tune of $352 million.

Additionally, Houston Natural Resources Corporation also made investments in HRN Acquisition Corp., Rhino Energy Ltd., and CE Energy Solutions LLC. The company is focused on fresh opportunities in the energy and energy transition spaces as it looks to unlock value for its shareholders.

On August 15, Houston Natural Resources Corporation announced its financial results for the second fiscal quarter that ended on June 30, 2023. In the half-year period, the company generated revenues of $9,366,365, which worked out to a year-on-year rise of 8% from the $8,697,641 generated in the previous year. Total earnings in the same period were $6,290,602, and that worked out to a year-on-year rise of 14%. The company recorded earnings per share of $0.05 in the six-month period, as opposed to $0.04 in the corresponding period last year.

The net asset value at the end of June 30, 2022, was $0.25 a share. In the news release related to the earnings announcement, the company also announced that it had recently completed the 100% acquisition of Cunningham Energy LLC.

During the second fiscal quarter, Houston Natural Resources Corporation had also completed the spin off action related to the assets of Worldwide Diversified Holdings Inc. The trading of the Worldwide Diversified shares, however, would be subject to the approval of a registration statement from the United States Securities and Exchange Commission.

On August 14, the company announced that it had acquired a 10% interest in Kharrouba Copper Company Inc. (KCC). The company would also have the option of raising its stake in the company over time. On the basis of the investment made by Houston Natural Resources Corporation, the enterprise value of KCC stood at $60 million following the transaction.

KCC is based in Canada and has interests in copper processing and mining operations in the Kingdom of Morocco. In the coming 12 to 15 months, the company will also embark on a mission to expand and launch a major drilling initiative to boost its resource and reserve base. KCC had also discovered cobalt at many of its mines and had made plans to add cobalt exploration to its exploration initiatives.

The company boasts a significant land position to the tune of 78,826 acres, and the entirety of the land holding offers the company the opportunity to continue to boost its reserve base considerably. Importantly, the operations of KCC are low-cost and are expected to generate positive cash flows.

 

 

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.