Houston Natural Resources Reports Q3 2023 Financials Period Significant Growth Reported in Revenues, Earnings and EPS
HOUSTON, Nov. 14, 2023 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("the Company") reported today robust Q3 2023 results, concluding on September 30, 2023, as compared to Q3 2022 ending on September 30, 2022.
Key Highlights for Nine Months Results: Q3 2023 Ending September 30, 2023 vs Q3 2022 Ending September 30, 2022
- Total revenue reached $15,241,815, exhibiting a 5% increase from $14,462,094.
- Total earnings for nine months amounted to $8,871,912, showing a 9% growth from $8,163,923.
- Earnings per share (EPS) for nine months rose to $0.06 from $0.05, marking a 20% increase.
Notably, the company achieved a net asset value (NAV) of $0.62 per share in Q3 2023.
Additionally, the company reported successful milestones achieved in the third quarter, including:
Acquisition of Cunningham Energy, LLC:
- Achieved 100% ownership of Cunningham Energy, LLC.
- An independent engineering firm assessed the Oil & Gas Assets of Cunningham Energy, determining an appraised value of $352 million as of December 31st, 2022, based on a 68 well drilling program.
- The appraised value translates to $2.54 per share as of September 30, 2023.
Corporate Changes:
- Filed with FINRA on August 8, 2023, for a comprehensive review leading to a change in name, symbol, and CUSIP to Cunningham Natural Resources Corp.
- Realized a value of $0.15 per share in current energy assets held by subsidiaries, with the potential for a 10% per share future dividend.
Mining Interest Acquisition:
- Completed the acquisition of a 9% interest in the Placer Claims known as the 'Nugget Trap Placer Mine' in the British Columbia Mineral Title registry, covering 573.7 acres.
- This includes permits and authorizations in the Skeena Mining Division of British Columbia, Canada, with initial reserves valued at over $500 million.
Spin-Off of Worldwide Diversified Holdings, Inc. (WDHI):
- Successfully executed the corporate action to Spin-Off WDHI assets.
- The trading of WDHI shares is pending SEC registration statement review.
Financial Performance and Strategic Outlook:
- Continued receipt of advisory fees for assets under management.
- Actively evaluating potential acquisitions in the energy and energy services industry to enhance shareholder value.
https://www.prnewswire.com/news-releases/houston-natural-resources-reports-q3-2023-financials-period-ending-september-30-2023-301987049.html