Houston Natural Resources (OTC: HNRC) Sponsored "SPAC" NYSE: HNRA Extends Timing Period

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The energy sector has been in focus among investors for quite a while and for good reason too, considering the volatility in the sector over the course of the past year. There are a number of companies that investors could look into at this point and one of those is Houston Natural Resources Corp (OTC: HNRC).

Trading Activity:

HNRC stock was in a good momentum and closed up by 15.06% to $0.115 with more than 242K shares trading hands.

While it is significantly involved in the oil and gas sector, it also has diversified interests in other sectors. Some of the companies in its investment portfolio include those which are involved in healthcare, energy and information technology among others.

In recent times, the company has made some serious moves in order to grow its business and earlier on this year it made a move that could well prove to be a significant long-term boost. Back on January 5 this year SPAC HNR Acquisition Corp (which is sponsored by Houston Natural Resources HNRC), the company’s (NYSE:HNRA) SPAC vehicle, was in the news after it announced that it had gone into an agreement with regard to the acquisition of Pogo Resources and its two affiliated in a deal worth $120 million.

Pogo Resources is an oil and gas company. The completion of the deal would be able to generate cash to the tune of as much as $100 million and in addition to that, a promissory note to the tune of $15 million is also going to be involved.

SPAC HNR Acquisition Corp is a special purpose acquisition company that is sponsored by Houston Natural Resources Corp and had gone public last year in February when it managed to raise as much as $86 million. Pogo Resources is involved in the acquisition and development of oil and gas assets which are located in the Permian Basis in the state of Texas.

The SPAC vehicle had acquired a 9% stake in the oil and gas firm Cunningham Energy back in October last year.