Houston Natural Resources Corp. (OTCPK:HNRC) extended a Letter of Intent to acquire the remaining 90.1% interest in Cunningham Energy, LLC for $100 million on October 17, 2022. Consideration will be paid in cash and securities. The acquisition was completed through the issuance of common and preferred stock. The purchase price includes an escrow of preferred shares for certain liabilities of Cunningham Energy, LLC. yan Cunningham will continue to manage Cunningham Energy, LLC. The Company intends to change its name from Houston Natural Resources Corp to Cunningham Natural Resources Corp. Transaction is subject to the competition of due diligence and financing. The parties are committed to closing the transaction on or before December 31, 2022. As of March 31, 2023, the transaction is expected to be completed in the second quarter of 2023.

Houston Natural Resources Corp. (OTCPK:HNRC) completed the acquisition of remaining 90.1% interest in Cunningham Energy, LLC on July 11, 2023.