HNRC
TARGETS
$100
MILLION EXPANSION
HOUSTON,
TX -- June 2, 2021 -- InvestorsHub NewsWire
-- Houston Natural
Resources Corp. (OTC:
HNRC) ("HNR or the Company") confirmed today that
it
is targeting acquisitions up to $100 million in
acquisitions in the oil and gas sector through its
subsidiary Houston Natural Resources, Inc ('HNRI").
This would add more
than $6 per share to HNRI's
independently
appraised value of $69,000,000 in proven reserves that are
currently
valued at
$4.47 per share.
Oil prices have been
rising driven by
expectations that recovering demand with summer travel and
reopening economies will easily accommodate the gradual increase in
OPEC+ production.
Oil prices rose
sharply on
Tuesday, with Brent topping $71 per barrel, the highest level in
more than two and a half years. "The demand growth is pretty OK,
the OPEC+ discipline is very good, inventories are going
down," Fereidun
Fesharaki,
chairman of consultants FGE, said in a Bloomberg television
interview. "If there is no Iranian shadow on the market, prices
could hit $75-$80 by the middle of the third quarter."
HNRI has acquired
approximately 2,800 acres of oil and gas leases located in
the Halff
Oil Field
in Crockett County, Texas. HNRI is currently
reviewing possible acquisitions of producing oil and gas properties
in addition to operating
its water
treatment facilities operated by its subsidiary HNR Oil Services,
LLC.
The Company
has
previously announced that it 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. The strategy may include asset sales,
a
spin off
of one or more of
its subsidiaries
and
dividends to
shareholders.
The
company projects total combined revenues of $23 million and $12
million in earnings for the
year ending
December 31, 2021.
The
forward
earnings
per share are
projected to be $0.77c per share. According
to industry
research,
the
S&P
500 Integrated Oil
& Gas Index,
forward
earnings,
& valuation,
as of
May 25,2021,
is
between 8x
and
14x
forward
earnings. This
would imply a target value for
HNRC of
$6.16 per share and $10.78
per share.
HNRC
is a
diversified holding company that
has two
subsidiaries,
Houston Natural Resources, Inc ("HNRI")
and
Worldwide
Diversified Holdings, Inc ("WDHI").
HNRI
owns
oil and
gas properties and a
waste-water
treatment plant.
WDHI has business operations
that provide products & services in the Information Technology
& Healthcare markets. HNRC
anticipates up
listing
onto OTCQX
or
major exchange. The company is preparing an SEC filing to become an
SEC reporting
company.
About
Houston Natural Resources Corp
Houston
Natural Resources Corp (www.HoustonNaturalResources.com)
(OTC:HNRC).
The Company is dedicated to increasing shareholder value through
developing natural resources with state-of-the-art innovative
technologies in tandem with sustainable environmental services of
toxic oil field waste disposal and recycling that are
environmentally safe and socially
responsible.
About
Worldwide
Diversified
Holdings,
Inc.
Worldwide
Diversified Holdings, Inc.(www.wdhinc.net).
The company is a diversified holding company
with business operations and investments. The portfolio companies
include investments in
information technology and healthcare.
FORWARD-LOOKING
STATEMENTS:
This
press release may contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements other than statements of historical facts included in
this press release may constitute forward-looking statements and
are not guarantees of future performance or results and involve a
number of risks and uncertainties.
Contact:
Houston
Natural Resources Corp.
E-mail:
frank@HoustonNaturalResources.com
Houston
Texas USA.
