Cunningham Natural Resources Corp CNRC

HNRC Reports Record Third Quarter 2021 Financial Results

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Financial Results: Nine Months September 30 2021 vs Nine Months September 30, 2020

• Total revenue for nine months was $12,855,708 compared to $7,094,342, increase of 181%
• Total earnings for nine months were $6,307,247 compared to $2,153,149, increase of 292%
• Total assets for nine months were $73,698,571 compared to $72,400,934, increase of 1%
• Earnings per share for nine months was $0.34c compared to $0.17c, increase of 200%
• The company has a net asset value of $4.00 per share.

Financial Results: Q3 2021 vs Q3 2020

• Total revenue Q3 2021 was $1,991,208 compared to $771,352, an increase of 258%
• Total earnings Q3 2021 was $12,855,708 compared to $7,094,342, an increase of 181%

Frank Kristan, President of Houston Natural Resources Corp commented that: "We are delighted that our growth is continuing with strong third quarter results. The company's increase in revenues and earnings has been due to an increase in services it provides to its portfolio companies with an increased volume of business from wastewater treatment and disposal facility located in Wilson County, Texas. This includes fee income from wastewater disposal treatment provided to producers and increased oil sales recovered from the wastewater treatment processing. We anticipate consistent growth from revenue and profit in 2022. The company is evaluating acquisitions of water treatment plants, oil and gas and other technology acquisitions."

Recent Expansion Highlights

HNRI has acquired approximately 2,800 acres of oil and gas leases located in the Halff Oil Field in Crockett County, Texas with proven and appraised reserves of $69 million and 83 oil wells to be reworked. HNRI subsidiary HNR Oil Services LLC has appraised assets of more than $7m. It recently completed financing for additional equipment to double its capacity in 2022.

https://www.newsfilecorp.com/release/103280