Houston Natural Resources (OTC:HNRC) has a sponsor $86M “SPAC” (NYSE: HNRA) and a wholly owned subsidiary Worldwide Diversified Holdings, Inc. (WDHI) “WDHI”
In the first quarter, the company sponsored HNR Acquisition Corp. (NYSE: HNRA) a special purpose acquisition corporation that raised $86 million for a business combination. The company is currently working on sponsoring a second special purpose acquisition. HNRC shareholders could receive more than $0.30 per share in annual dividends.
In the second quarter, the company announced a $53M non-energy asset spin-off into Worldwide Diversified Holdings, Inc. (WDHI) in 2022, and HNRC’s shareholders would receive a dividend of $1.75 expected in 2022, of WDHI shares for each HNRC share owned as announced on June 30, 2022. The spin-off changes the focus of the company towards its energy reserves, primarily 83 oil wells, and an estimated 33 million barrels in Texas among other interests.
The company provided a snapshot into the achievements and business developments in 2022 so far and also elaborated on the strategic direction for the rest of the year. The company noted that it now has a fully owned subsidiary unit named Houston Natural Resources Inc, which is going to be involved in the expansion of its energy interests. To that end, Houston Natural Resources Corp is going to start the reworking of its 83 oil wells and will also start acquiring more well that produce oil.
On the other hand, the company has created a subsidiary named Worldwide Diversified Holdings, which is going to function as a diversified holding company and will help in the expansion of Houston Natural Resources Corp’s technology ambitions. The spun-off company is going to house all the non-energy interests and help Houston Natural Resources Corp in focusing solely on its energy business.
In addition to that, it was noted that the company was going to continue to work on sponsoring SPAC investments in the future. In the first quarter of the year, the company had been successful in a $86 million SPAC listing on the New York Stock Exchange.