Houston Natural Resources Corp. signed a letter of intent to acquire an unknown interest in Cunningham Energy LLC for $100 million.

Houston Natural Resources Corp. (OTCPK:HNRC) signed a letter of intent to acquire an unknown interest in Cunningham Energy LLC for $100 million on March 23, 2022. Consideration will be paid in cash and securities of Houston Natural Resources Corp.

Transaction is subject to the competition of due diligence and financing. Under the Letter of Intent additional future development funding for up to $600,000,000 and PIPE follow on transactions are also planned. The parties are committed to closing the transaction on or before June 30, 2022.