Cunningham Natural Resources Corporation (OTC: HNRC), also known as Houston Natural Resources Corporation, is a diversified energy company with interests in oil, natural gas, precious metals and critical minerals. Recently, it completed the 100% acquisition of Cunningham Energy LLC, which boasted appraised reserves to the tune of $352 million.

Additionally, Houston Natural Resources Corporation also made investments in HRN Acquisition Corp., Rhino Energy Ltd., and CE Energy Solutions LLC. The company is focused on fresh opportunities in the energy and energy transition spaces as it looks to unlock value for its shareholders.

On August 15, Houston Natural Resources Corporation announced its financial results for the second fiscal quarter that ended on June 30, 2023. In the half-year period, the company generated revenues of $9,366,365, which worked out to a year-on-year rise of 8% from the $8,697,641 generated in the previous year. Total earnings in the same period were $6,290,602, and that worked out to a year-on-year rise of 14%. The company recorded earnings per share of $0.05 in the six-month period, as opposed to $0.04 in the corresponding period last year.

The net asset value at the end of June 30, 2022, was $0.25 a share. In the news release related to the earnings announcement, the company also announced that it had recently completed the 100% acquisition of Cunningham Energy LLC.

During the second fiscal quarter, Houston Natural Resources Corporation had also completed the spin off action related to the assets of Worldwide Diversified Holdings Inc. The trading of the Worldwide Diversified shares, however, would be subject to the approval of a registration statement from the United States Securities and Exchange Commission.

On August 14, the company announced that it had acquired a 10% interest in Kharrouba Copper Company Inc. (KCC). The company would also have the option of raising its stake in the company over time. On the basis of the investment made by Houston Natural Resources Corporation, the enterprise value of KCC stood at $60 million following the transaction.

KCC is based in Canada and has interests in copper processing and mining operations in the Kingdom of Morocco. In the coming 12 to 15 months, the company will also embark on a mission to expand and launch a major drilling initiative to boost its resource and reserve base. KCC had also discovered cobalt at many of its mines and had made plans to add cobalt exploration to its exploration initiatives.

The company boasts a significant land position to the tune of 78,826 acres, and the entirety of the land holding offers the company the opportunity to continue to boost its reserve base considerably. Importantly, the operations of KCC are low-cost and are expected to generate positive cash flows.

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