HOUSTON NATURAL RESOURCES CORP UPDATES SHAREHOLDERS
Appraised asset values of
The company has appraised asset values of
- Completed an asset spinoff dividend to shareholders of
Worldwide Diversified Holdings, Inc.("WDHI") a majority owned subsidiary of HNRC and filed with the SECfor registration for the shares to be traded in the fourth quarter.
- Completed the acquisition of a 100% interest in
Cunningham Energy, LLC. An independent engineering company has completed an evaluation of the Oil & Gas Assets of Cunningham Energy. The appraised value of the Cunningham Energy, LLCleaseholds as of December 31st, 2022, is $352 million dollarsassuming a 68 well drilling program.
- Completed an acquisition of a 9% interest in the Placer Claims known as the 'Nugget Trap Placer Mine" in the British Columbia Mineral Title registry covering 573.7 acres and the accompanying permits and authorizations that is situated within the
Skeena Mining Division of British Columbia, Canadain the area known as BC`s Golden Triangle. The initial permit is for reserves valued in excess of $500 million.
- Completed an acquisition of a 40% interest in
Rhino Energy Pty Ltdthat has an investment in a junior energy company currently focused on the development of its interests in the Cold Lakeand Wabascaareas of Alberta Canada. The interests have a reserve report for total proved, probable and possible 15,469,000 bbls @ a weighted average of $84.05for the year 2022 and a value of $1.3Billion.
- The company has realized the value on a total of
$0.15per share in current energy assets held by its subsidiaries with the potential for a 10% per share future dividend.
- HNRC expects that they will exceed their annual projections for 2023 of over
$20 millionin revenue and $12 millionin earnings.
- The company has engaged an underwriter for a
$10 million dollarcommitment for an up listing to a major exchange in 2023.
- The company is evaluating additional acquisitions in the energy and energy services industry to provide value for shareholders.
About Houston Natural Resources Corp
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.
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