Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

HNR Acquisition Corp. (NYSE: HNRA) Surges on Untapped Oil Discovery in Permian Basin; Houston Natural Resources Corp. (OTC: HNRC) Stocks Rally

Earlier this week, HNR Acquisition Corp. (NYSE: HNRA), an independent oil and gas company and SPAC sponsored by Houston Natural Resources Corporation (OTC: HNRC), witnessed a remarkable 121% surge in its stock value earlier this week. Specializing in the development, acquisition, exploration, and production of oil and gas properties within the Permian Basin, the company revealed on March 12, 2024, the presence of potentially untapped oil reserves in the San Andres and Grayburg oil zones

Of particular significance, it emerged that the highly productive oil zones could soon become accessible. HNR Acquisition Corp. highlighted a series of meetings between its management and independent petroleum consultants concerning the untapped oil reserves within these zones. According to the gathered data, it has been determined that approximately 34 million barrels of oil may be present within the HNR Acquisition Corp. leasehold area encompassing these oil zones. Accessing this oil could involve adding perforations to the company's current wells within the oil zones. 

In response to this development, the stock of Houston Natural Resources Corporation experiencing a surge, as the company maintained its investment in HNR Acquisition Corp. The IPO for HNR Acquisition Corp. was finalized in February 2022 with its listing on the New York Stock Exchange. 

Through its IPO, the company amassed gross proceeds amounting to $86,250,000. Houston Natural Resources Corporation established it as a blank-check firm capable of merging with other businesses. While the company theoretically has the flexibility to enter any industry, its focus lies on participating in the North American market for natural gas liquids, crude oil, natural gas, and refined products.

 

Disclaimers: The Private Securities Litigation Reform Act of 1995 provides investors with a safe harbor with regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, assumptions, objectives, goals, and assumptions about future events or performance are not statements of historical fact and may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements, indicating certain actions & quotes; may, could or might occur Understand there is no guarantee past performance is indicative of future results. Investing in micro-cap or growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor's investment may be lost or due to the speculative nature of the companies profiled. TheStreetReports (TSR) is responsible for the production and distribution of this content."TSR" is not operated by a licensed broker, a dealer, or a registered investment advisor. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. "TSR" authors, contributors, or its agents, may be compensated for preparing research, video graphics, podcasts and editorial content. "TSR" has not been compensated to produce content related to "Any Companies" appearing herein. As part of that content, readers, subscribers, and everyone viewing this content are expected to read the full disclaimer in our website.

Media Contact
Company Name: The Street Reports
Contact Person: Editor
Email: Send Email
Country: United States
Website: http://www.thestreetreports.com


Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.