Over the course of the past year and a half, the energy sector has been in the spotlight among investors all over the world owing to the volatility in prices. Many companies made handsome profits, and investors who made certain investments reaped the benefits too. There are many companies that one could look into at this point, and one of those is Houston Natural Resources Corp. (OTC:HNRC). It is a diversified company with interests in oil and gas.
Not too long ago, the company managed to acquire a 100% interest in Cunningham Energy LLC. Cunningham recorded an appraisal of $352 million. Additionally, the company also holds minority investments in HNR Acquisition Corp., CE Energy Sponsors LLC, and Rhino Energy LTD. Houston Natural Resources is also committed to seeking new energy transitions and energy opportunities so as to unlock more value for its shareholders.
On July 11, the company was in focus after it announced that it had completed the 100% acquisition of Cunningham Energy. The completion of the transaction brought the net asset value of the company to $3.35 a share. In the past, the company had picked up a 9.9% stake in Cunningham with the option of acquiring the entire company. Following the transaction, Ryan Cunningham would continue to be in charge of Cunningham Energy. Houston Natural Resources completed the acquisition through the issuance of preferred and common stock.
At the time, it was also noted that the company was intent on changing its name to Cunningham Natural Resources Corporation from Houston Natural Resources Corporation. The new entity would be focused on the energy transition materials space as well as the regular oil and gas space. The focus of the investments that the company would make would be global in scope, and sustainability would be at its core.