$HNRC 2022 Update Letter To Shareholders https:
Post# of 97654
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https://www.prnewswire.com/news-releases/hnrc...08505.html
HOUSTON, Aug. 18, 2022 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company"
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Dear Shareholders,
Our company is dedicated to increasing stockholder value through the development and expansion of its two majority owned subsidiaries.
Houston Natural Resources, Inc ("HNRI"
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Worldwide Diversified Holdings, Inc. ("WDHI"
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The spin-off changes the focus of HNRC towards its energy reserves. HNRI has acquired 2,800 acres located in the Halff Oil Field in Crockett County, Texas. This oil field is noteworthy for several reasons:
1. Located in the most prolific oil area in the USA.
2. An existing oil field with proved reserves and 83 oil wells to be reworked.
3. Has a prolific oil zone called the San Andres formation that has not been exploited yet.
4. The primary producing reservoir is the Grayburg Sand of Permian age. The Halff Oil Field has produced about 3,900,000 barrels of oil to date from the Grayburg Sand. The original oil in place in the Grayburg Sand is calculated to be 36,900,000 barrels of oil. This Zone has been producing oil for over 50 years, expected to produce for an additional 20+ years and become a major revenue stream in the company's future.
The company intends to continue sponsoring additional SPAC investments. The company sponsored a successful $86 million NYSE listing of an energy focused SPAC during the first quarter of 2022. The company is currently focused on a second energy focused SPAC to be listed in 2022, and currently evaluating six other SPAC opportunities for listing onto major exchanges. This strategy will result in a dividend to its shareholders, after the lock up period has expired, on each of the SPAC investments. This would provide quarterly dividends through 2023 – 2024. The company expects to realize at least $3m on each of its SPAC investments to be added to its existing earnings in 2022 and 2023. This could provide shareholders with more than $0.30c per share in annual dividends.
Furthermore, the company's net earnings Q2 Revenue $5.13M +41% Y/Y, increased 38%, $0.18 earnings per share (EPS), $74M Assets, NAV $2.43/share for the first six months of 2022. The company intends to focus on realizing the value on the total of $9.67 per share in assets held by its subsidiaries for the benefit of the shareholders.
I am very excited about the tremendous opportunity we have in front of us and am confident we have the team in place to capitalize on it. We thank you for your continued support, and we wish you a prosperous balance of 2022.
Frank Kristan
President
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