HNRC UPDATES ON 18 MONTHS OF ACCOMPLISHMENTS The company acquired Houston Natural Resources, Inc ("HNRI") in March 2020. Subsequently its named changed to Houston Natural Resources Corp under a new symbol HNRC in June 2020 and the acquisition was completed in September 2020.
HNRI assets have been independently appraised at more than $60 million including the lease on more than 2,000 acres with 83 wells. The company is working on obtaining financing to rework the wells to begin production in 2022.
HNRI subsidiary HNR Oil Services, LLC has opened its initial facility for wastewater treatment that is processing more than 150,000 barrels per month. The company also separates oil in the process and receives additional income from the sale of the oil. The company has acquired additional equipment to enable an increase in processing wastewater. The company obtained third party appraisals for the equipment and for oil and gas reserves for more than $7 million. The additional equipment has doubled the capacity.
The company is looking at acquiring additional wastewater treatment facilities and technologies to improve the provide for a nationwide network for wastewater treatment. The focus is also to acquire and manage mature natural gas and oil properties to generate cash flows and provide stability and growth for the long-term benefit of our stakeholders.
The company has reported record earnings in the last year and expects that to continue in 2022 in addition to maintaining less than a 2% Debt to Equity ratio. HNRC has been featured in a number of third-party research publications.
https://www.prnewswire.com/news-releases/hnrc-updates-on-18-months-of-accomplishments-301476652.html