Cunningham Natural Resources Corp CNRC

HNRC Outlines Key Highlights Presentation for 2024

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HOUSTON, Jan. 10, 2024 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company") with a pending name, symbol and CUSIP change, to Cunningham Natural Resources Corp, outlined an investor presentation for 2024. See link for the presentation here (https://bit.ly/3S9s4SX)

Cunningham Natural Resources Corp ("CNRC") is focused on traditional oil and gas opportunities and energy transition materials including mining opportunities in copper, lithium, gold, as well as other precious and rare earth metals. This investment focus will be global with sustainability at the core of the strategy.

Traditional Energy

• CNRC owns 100% of Cunningham Energy LLC. Cunningham Energy was founded in 2008 for the purpose of acquiring, exploring, and producing oil and gas in the Appalachian, Illinois, and Williston Basins. Cunningham Energy and its affiliates own interests in approximately 600 wells, 170 of which are re-works with a 98% successful completion rate. The company acquired 30,000 net acres in numerous transactions throughout the Appalachian Basin Acreage acquisition was completed over a 10-year time frame. They acquired and negotiated control of 965,000 net acres in Canada and negotiated a 75% Net Revenue Interest basis with estimated reserves of more than 500M barrels of oil. An independent engineering firm completed an updated evaluation of the oil & gas assets and leases of Cunningham Energy as of December 31st, 2022, is $352 million dollars, assuming a sixty-eight (68) well drilling program is completed (www.cunninghamenergy.com).
   
• CNRC has invested in HNR Acquisition Corp ("HNRA"). On February 11, 2022, HNRA closed its IPO on the NYSE for $86,250,000. HNRA completed a business combination on November 15, 2023 by purchasing all the equity interests in Pogo Resources, LLC and its subsidiary, LH Operating, LLC (collectively "LHO"). HNRA is now an independent oil and natural gas company focused on the acquisition, development, exploration and production of oil and gas properties in the Permian Basin. The Company's assets include its interest in the Grayburg-Jackson oil field in the prolific Permian Basin in New Mexico. LHO had $20.3 million in revenues generating positive cash flow and $3.9 million of net income for the nine months ended September 30, 2023. As of September 30, 2023, total assets of LHO were $70.4 million (www.hnra-nyse.com)
   
• CNRC has acquired a 40% interest in Rhino Energy Pty Ltd ("Rhino"). Rhino has a management team with global operational expertise having operated & non operated assets in 27 countries. The team has managed production of +1.7 million boepd. Rhino has assembled a truly world class team that has been involved in some of the most historic oil & gas projects globally over the last 30 years. Rhino is focused on building a material production base through acquisitions in countries and basins that we have a strong track record. Rhino has an initial investment in a Canadian junior energy company currently focused on the development of its interests in the Cold Lake and Wabasca areas of Alberta in Canada. (www.rhinoenergy.com.au)

 

https://www.prnewswire.com/news-releases/hnrc-outlines-key-highlights-presentation-for-2024-302030848.html