$HNRC COMPLETES ACQUISITION OF INTEREST IN CUNNING
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Posted On: 10/11/2022 8:22:05 AM
$HNRC COMPLETES ACQUISITION OF INTEREST IN CUNNINGHAM ENERGY
https://www.prnewswire.com/news-releases/hnrc...45562.html
HOUSTON, Oct. 11, 2022 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company"
announced today that it has completed the acquisition interest in Cunningham Energy, LLC effective 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 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.
Cunningham Energy is an independent producer of oil and gas. Cunningham Energy conducts operations and oil/gas interests in the Appalachian Basin with over 30,000 plus net acres of leasehold. Cunningham Energy was formed in 2008 and was a pioneer of shallow horizontal oil drilling in West Virginia starting in 2014. During its future phase 1 development program in West Virginia, Cunningham Energy is to permit, drill, and complete 20 Shallow horizontal Big Injun, Weir, and Berea Sandstone Oil wells to fulfil legacy drilling & lease obligations. Identified currently are 68 potential development well sites on existing leases with plans to expand the company's leasehold footprint through future acquisitions and leasing.
Cunningham Energy of Canada Inc. also controls an interest in more than 965,000 acres in the Matapedia Valley, Gaspesie, Quebec Canada from Marzcorp Inc. on a 75% NRI (net revenue interest) basis through an executed Farmout Agreement. Over $14 million has been spent on the project to date through collaboration with Marzcorp Inc. Fifteen core holes have been completed with three bringing hydrocarbons to surface on production test. The 51-101 report indicates a High Estimate case of 5.088MMSTB (million stock tank barrels of light sweet crude) recoverable reserves (from 4 targets covering only 3% of the property). Currently, there are 7 verified drilling targets for Phase 1 as well as 12 drilling areas of interest targeted on the leasehold. Resource potential on the total 965,000 acre leasehold of up to 500 million plus barrels of oil ("OOIP" Oil-Initially-In-Place, as well as barrels of oil equivalent (BOE) from multiple conventional reservoir targets and total area has been estimated. The median EUR recovery projected of oil per lateral in the Forillon/Indian Cove formation on areas the company's farmout leasehold has been estimated at 942,000 bbls. The Forillon/Indian Cove is a naturally fractured limestone conventional formation of lower Devonian age. The property has shown documented 51 API gravity light sweet oil samples produced during core drilling.
Cunningham Oilfield Services (COS), a division of Cunningham Energy, provides a variety of oilfield services and equipment within the Appalachian Basin. From drilling and support of horizontal and vertical wells to general well service, rigs and equipment. The recent US Government Bipartisan Infrastructure Deal includes a $16 Billion investment in legacy pollution clean-up, including $11.3 billion for abandoned mine land and water reclamation projects and $4.7 billion for orphaned well site plugging, remediation, and restoration activities. Cunningham Oilfield Services projects meaningful participation in the program moving forward which includes recently allocated funds for West Virginia and Texas.
Cunningham Energy is engaging auditors to complete its last two years audited statements for a listing onto NASDAQ or NYSE.
HNRC will also enter into a separate agreement/and or joint ventures with Viper Capital Partners LLC (www.vipercapitalpartners.com) on a deal-by-deal basis for further development of acreage, minerals, and drilling projects in the lower 48 states, including West Virginia and Texas.
https://www.prnewswire.com/news-releases/hnrc...45562.html
HOUSTON, Oct. 11, 2022 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company"
announced today that it has completed the acquisition interest in Cunningham Energy, LLC effective 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 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.
Cunningham Energy is an independent producer of oil and gas. Cunningham Energy conducts operations and oil/gas interests in the Appalachian Basin with over 30,000 plus net acres of leasehold. Cunningham Energy was formed in 2008 and was a pioneer of shallow horizontal oil drilling in West Virginia starting in 2014. During its future phase 1 development program in West Virginia, Cunningham Energy is to permit, drill, and complete 20 Shallow horizontal Big Injun, Weir, and Berea Sandstone Oil wells to fulfil legacy drilling & lease obligations. Identified currently are 68 potential development well sites on existing leases with plans to expand the company's leasehold footprint through future acquisitions and leasing.
Cunningham Energy of Canada Inc. also controls an interest in more than 965,000 acres in the Matapedia Valley, Gaspesie, Quebec Canada from Marzcorp Inc. on a 75% NRI (net revenue interest) basis through an executed Farmout Agreement. Over $14 million has been spent on the project to date through collaboration with Marzcorp Inc. Fifteen core holes have been completed with three bringing hydrocarbons to surface on production test. The 51-101 report indicates a High Estimate case of 5.088MMSTB (million stock tank barrels of light sweet crude) recoverable reserves (from 4 targets covering only 3% of the property). Currently, there are 7 verified drilling targets for Phase 1 as well as 12 drilling areas of interest targeted on the leasehold. Resource potential on the total 965,000 acre leasehold of up to 500 million plus barrels of oil ("OOIP"
Oil-Initially-In-Place, as well as barrels of oil equivalent (BOE) from multiple conventional reservoir targets and total area has been estimated. The median EUR recovery projected of oil per lateral in the Forillon/Indian Cove formation on areas the company's farmout leasehold has been estimated at 942,000 bbls. The Forillon/Indian Cove is a naturally fractured limestone conventional formation of lower Devonian age. The property has shown documented 51 API gravity light sweet oil samples produced during core drilling. Cunningham Oilfield Services (COS), a division of Cunningham Energy, provides a variety of oilfield services and equipment within the Appalachian Basin. From drilling and support of horizontal and vertical wells to general well service, rigs and equipment. The recent US Government Bipartisan Infrastructure Deal includes a $16 Billion investment in legacy pollution clean-up, including $11.3 billion for abandoned mine land and water reclamation projects and $4.7 billion for orphaned well site plugging, remediation, and restoration activities. Cunningham Oilfield Services projects meaningful participation in the program moving forward which includes recently allocated funds for West Virginia and Texas.
Cunningham Energy is engaging auditors to complete its last two years audited statements for a listing onto NASDAQ or NYSE.
HNRC will also enter into a separate agreement/and or joint ventures with Viper Capital Partners LLC (www.vipercapitalpartners.com) on a deal-by-deal basis for further development of acreage, minerals, and drilling projects in the lower 48 states, including West Virginia and Texas.
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