Houston Natural Resources Corp. acquired 9% interest in Cunningham Energy LLC for $19.6 million.
Houston Natural Resources Corp. (OTCPK:HNRC) completed the acquisition of 9% interest in Cunningham Energy LLC on September 19, 2022. An independent engineering company has completed an evaluation of the Oil & Gas Assets of Cunningham Energy. The appraised value of the company's leasehold position as of May 18, 2022, is $218 million, assuming the current proposed 40 well drilling program is completed. The acquisition of the 9% interest of Cunningham Energy, in cash and securities, is valued at $19.620 million, which increases the company asset value by $0.39 per share to $2.82 per share from $2.43 per share, up 16% as reported in their Q2 financials an August 1, 2022, based on the current shares outstanding.