HNRC REPORTS Q2 2024 FINANCIALS PERIOD ENDING JUNE 30, 2024

Rhea-AI Summary

Houston Natural Resources Corp (OTC: HNRC) reported Q2 2024 financial results and provided updates on its portfolio companies. Key highlights include:

- Q2 2024 revenue: $4,387,799 (down from $5,187,785 in Q2 2023)
- Q2 2024 earnings: $3,014,455 (down from $3,588,326 in Q2 2023)
- Total assets: $75,334,239 (up from $49,843,529)
- Net asset value (NAV): $0.21 per share

Portfolio updates:
- Cunningham Mining secured a $153 million investment
- Worldwide Diversified Holdings applied for OTCQB listing
- Cunningham Energy settled with EPA and focuses on drilling program
- HNR Acquisition Corp filed S-1 Registration Statement
- Rhino Energy evaluating acquisition opportunities
- CE Energy Sponsors evaluating new SPAC terms

HNRC has filed to change its name to Cunningham Natural Resources Corp.

Positive

• Total assets increased to $75,334,239 from $49,843,529 year-over-year
• Cunningham Mining secured a $153 million investment commitment
• Worldwide Diversified Holdings applied for OTCQB listing, expected in Q3
• HNR Acquisition Corp reported total assets of $100.3 million as of March 31, 2024

Negative

• Q2 2024 revenue decreased to $4,387,799 from $5,187,785 in Q2 2023
• Q2 2024 earnings declined to $3,014,455 from $3,588,326 in Q2 2023
• Six-month revenue decreased to $8,671,739 from $9,366,365 year-over-year
• Six-month earnings dropped to $5,751,416 from $6,290,601 year-over-year
• Cunningham Energy settled with EPA for alleged Clean Air Act violations

Provides Shareholder Update on Portfolio Companies

HOUSTON, Aug. 13, 2024 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") announced today results for the quarter ending June 30, 2024 and provided updates on its portfolio companies.   

Financial Results: Q2 2024 Ending June 30, 2024, vs Q2 2023 Ending June 30, 2023

• Total revenue for three months was $4,387,799 vs $5,187,785,
• Total earnings for three months were $3,014,455 vs $3,588,326,
• Total revenue for six months was $8,671,739 vs $9,366,365,
• Total earnings for six months were $5,751,416 vs $6,290,601,
• Total assets for the period were $75,334,239 vs $49,843,529.
• The company recorded a net asset value (NAV) of $0.21 per share for Q2 2024

The Company provided updates on the current portfolio companies:

Cunningham Mining Ltd - Cunningham Mining Ltd Secures $153 Million USD Investment

Cunningham Mining Ltd ("CML"). CML has announced that it has secured a $153 million dollar commitment for its previously announced acquisition of American Creek. Further information is available at (https://bit.ly/3LYwUyp). The American Creek acquisition has been previously announced and further information is available at  (https://bit.ly/4dgDtbM). The company owns 9% of CML and expects a liquidity event later this year (www.cunninghammining.com).

Worldwide Diversified Holdings, Inc – Listing update

Worldwide Diversified Holdings, Inc ("WDHI") has applied for listing on the OTCQB  as a result of the spinoff of the company's non-energy assets. WDHI has identified an initial target company and has received initial indications of interest in financing the acquisition. WDHI is also evaluating opportunities to merge with an existing public company. The listing is expected to be completed in the third quarter (www.wdhinc.net). 

Cunningham Energy, LLC – Company update

Cunningham Energy, LLC ("CE") has settled with the U.S. Environmental Protection Agency Mid-Atlantic Region (EPA) resolving alleged violations of the Clean Air Act (CAA) and the West Virginia State Implementation Plan. CE is now focused on implementing a drilling program to realize the appraised value of its $352m in reserves (www.cunninghamenergy.com).

HNR Acquisition Corp – Company Update

HNR Acquisition Corp ("HNRA") has filed a S-1 Registration Statement with the SEC to register shares held by the company and its affiliates. As of March 31, 2024, total assets of HNRA were $100.3 million (www.hnra-nyse.com).

Rhino Energy Pty Ltd – Company update

Rhino Energy Pty Ltd ("Rhino") has a management team with global operational expertise having operated & non operated assets in 27 countries. Rhino is evaluating a number acquisition opportunities worldwide. Rhino has an initial investment in a Canadian junior energy company currently focused on the development of its interests in Lake and Wabasca areas of Alberta in Canada. (www.rhinoenergy.com.au)

CE Energy Sponsors, LLC – Company update

CE Energy Sponsors, LLC is the sponsor of CE Energy Acquisition Corp ("CEAC") and is currently evaluating new terms and conditions for a special purpose acquisition corporation. CEAC intends to focus their search for a target business in the energy industry. CEAC expects a listing before the end of the year.

The company has filed with the State of Nevada to change its name from Houston Natural Resources Corp to Cunningham Natural Resources Corp. FINRA has not completed its review.

FORWARD-LOOKING STATEMENTS:

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.

View original content:https://www.prnewswire.com/news-releases/hnrc-reports-q2-2024-financials-period-ending-june-30-2024-302220619.html

SOURCE Houston Natural Resources Corp

FAQ

What were HNRC's Q2 2024 financial results?

HNRC reported Q2 2024 revenue of $4,387,799 and earnings of $3,014,455, both down from Q2 2023. Total assets increased to $75,334,239, with a net asset value of $0.21 per share.

How much investment did Cunningham Mining secure?

Cunningham Mining , in which HNRC owns a 9% stake, secured a $153 million investment commitment for its American Creek acquisition.

What is the status of Worldwide Diversified Holdings' OTCQB listing?

Worldwide Diversified Holdings has applied for listing on the OTCQB, which is expected to be completed in the third quarter of 2024.

What is the update on Cunningham Energy's EPA settlement?

Cunningham Energy has settled with the U.S. Environmental Protection Agency, resolving alleged Clean Air Act violations, and is now focusing on implementing a drilling program.

Is HNRC changing its company name?

Yes, HNRC has filed with the State of Nevada to change its name from Houston Natural Resources Corp to Cunningham Natural Resources Corp, pending FINRA review.