HNRC TO ACQUIRE CUNNINGHAM ENERGY INTERESTS OF UP TO $100M HNRC will form a Special Purpose Acquisition Corporation with cash and securities for the acquisition of interests in Cunningham Energy with the purpose of acquiring, exploring, and producing oil and gas in the United States and Canada. The proposed investment is for up to USD $100,000,000 in cash and securities and subject to the competition of due diligence and financing. The parties are committed to closing the transaction on or before June 30, 2022. Under the Letter of Intent additional future development funding for up to $600,000,000 from SPAC and PIPE follow on transactions are also planned.
Cunningham Energy is an independent producer of oil and gas. Cunningham Energy conducts operations and oil/gas interests in the Appalachian Basin with over 30,000 plus net acres of leases. Cunningham Energy was formed in 2008 and was a pioneer of shallow horizontal oil drilling in West Virginia starting in 2014. During its future phase 1 development program in West Virginia, Cunningham Energy is to permit, drill, and complete 15 Shallow horizontal Big Injun, Weir, and Berea Sandstone Oil wells to fulfil legacy drilling & lease obligations. Identified currently are 75 to 100 potential development well sites on existing leases with plans to expand the company's leasehold footprint through future acquisitions and leasing.
Cunningham Energy has a vertically integrated business model with multiple acquisition targets identified. Since its inception they have relied on past experience in parallel with the application of new technologies to succeed in the ever-changing field of efficient energy production. Cunningham Energy is positioned to take advantage of current and future trends in oil and natural gas production throughout these basins with aggressive but responsible decisions in the future.
https://www.prnewswire.com/news-releases/hnrc-to-acquire-cunningham-energy-interests-of-up-to-100-million-301509095.html