HNRC Acquires Additional Interest in Cunningham Energy
Houston Natural Resources Corp announced that it extended its Letter of Intent to acquire additional interest, for up to 100% interest, in Cunningham Energy, LLC on or before December 31, 2022.
October 18, 2022. By News Bureau
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The company has previously announced the competition of the acquisition of a 9% interest of Cunningham Energy, in cash and securities, valued at $19,620,000.
HNRC will utilize an existing Special Purpose Acquisition Corporation with cash and securities for the acquisition of the additional interest in Cunningham Energy with the purpose of acquiring, exploring, and producing oil and gas in the United States and Canada.
The proposed investment is for up to USD $100,000,000 in cash and securities and subject to the competition of due diligence and financing.
The parties are committed to closing the transaction on or before December 31, 2022. Under the Letter of Intent additional future development funding for up to $600,000,000 from SPAC and PIPE follow on transactions are also planned.
These acquisition interests bring HNRC into the Oil & Gas Exploration and Production business with room for further asset and revenue growth.
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 18th, 2022, is $218 million dollars, 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 $19,620,000, which increases the company asset value by $0.39c 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.
With this acquisition, the company further expands its interest in Oil, Natural Gas and Oil Field Services properties. It further expands its overall business interest to Canada and is looking to increase expansion internationally.
please contact: contact@energetica-india.net.