HOUSTON, Aug. 18,
2022 /PRNewswire/ -- Houston Natural Resources Corp
(OTC: HNRC) ("HNRC or the Company") updated shareholders with a
summary of its recent business developments, significant
year-to-date achievements, as well as provide some insight into the
strategic direction for 2022 and beyond.
Dear Shareholders,
Our company is dedicated to increasing stockholder value through
the development and expansion of its two majority owned
subsidiaries.
Houston Natural Resources, Inc ("HNRI"). HNRI is a 100% owned
subsidiary of HNRC and will be expanding the energy interests of
the company. The company has begun the process of reworking its
existing 83 oil wells discussed herein and acquiring additional
producing oil wells. The company will also continue to seek new oil
and gas and wastewater treatment acquisitions. Continue expansion
of its oil & gas remediation wastewater treatment facility. The
opening of additional facilities. Also continuing to focus on its
strategy to invest and sponsor Special Purpose Acquisition
Corporations ("SPACs") in the energy sector.
Worldwide Diversified Holdings, Inc. ("WDHI") is a majority
owned subsidiary of HNRC and will be expanding the technology
interest as a diversified holding company. The portfolio holds over
$53 million in non-energy assets
which it will spin off in 2022 as a publicly traded company.
Recently the company has had an increase in revenues from advisory
services that it provides to its portfolio companies. HNRC
Shareholders of record prior to the end of 2022 will receive an
equity dividend in WDHI based on shares owned in HNRC. WDHI
expects to acquire and develop additional revenue streams in
the technology sector by targeting acquisitions in
the $10m to $50m range to increase its
portfolio value.
The spin-off changes the focus of HNRC towards its energy
reserves. HNRI has acquired 2,800 acres located in the Halff Oil
Field in Crockett County, Texas.
This oil field is noteworthy for several reasons:
1. Located in the most prolific oil area in the USA.
2. An existing oil field with proved reserves and 83 oil wells
to be reworked.
3. Has a prolific oil zone called the San Andres formation that
has not been exploited yet.
4. The primary producing reservoir is the Grayburg Sand of
Permian age. The Halff Oil Field has produced about 3,900,000
barrels of oil to date from the Grayburg Sand. The original oil in
place in the Grayburg Sand is calculated to be 36,900,000 barrels
of oil. This Zone has been producing oil for over 50 years,
expected to produce for an additional 20+ years and become a major
revenue stream in the company's future.
The company intends to continue sponsoring additional SPAC
investments. The company sponsored a successful $86 million NYSE listing of an energy focused
SPAC during the first quarter of 2022. The company is currently
focused on a second energy focused SPAC to be listed in 2022, and
currently evaluating six other SPAC opportunities for listing onto
major exchanges. This strategy will result in a dividend to its
shareholders, after the lock up period has expired, on each of the
SPAC investments. This would provide quarterly dividends through
2023 – 2024. The company expects to realize at least
$3m on each of its SPAC investments
to be added to its existing earnings in 2022 and 2023. This could
provide shareholders with more than $0.30c per share in annual dividends.
Furthermore, the company's net earnings Q2 Revenue $5.13M +41% Y/Y, increased 38%, $0.18 earnings per share (EPS), $74M Assets, NAV $2.43/share for the first six months of 2022. The
company intends to focus on realizing the value on the total
of $9.67 per share in assets held by its subsidiaries for
the benefit of the shareholders.
I am very excited about the tremendous opportunity we have in
front of us and am confident we have the team in place to
capitalize on it. We thank you for your continued support, and we
wish you a prosperous balance of 2022.
Frank Kristan
President
About Houston Natural Resources Corp
Houston Natural Resources Corp (www.hnrcholdings.com) (OTC:
HNRC). The Company is dedicated to increasing shareholder value
through developing natural resources with state-of-the-art
innovative technologies in tandem with sustainable environmental
services of toxic oil field waste disposal and recycling that are
environmentally safe and socially responsible. The Company, through
its subsidiary Houston Natural Resources, Inc sponsored HNR
Acquisition Corp, a Special Purpose Acquisition Corp
(NYSE:HNRA).
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.
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SOURCE Houston Natural Resources Corp
