Houston Natural Resources Corp. (OTC: HNRC) acquired a 40% interest in Rhino Energy Pty Ltd. Rhino Energy Pty Ltd is an Australian energy company with a focus on oil and gas development in North America. It is headed by Messrs. David Whitby and Tom Fontaine, formerly w/ “Husky Oil” in Canada and “Nido Petroleum” listed on (ASX). Additional dividend and listing updates.
Over the course of the past year oil and natural gas company Houston Natural Resources Corporation (OTC:HNRC) has made significant moves and it made another major move yesterday. The company announced on Friday that it had completed the acquisition of a 40% stake in the firm Rhino Energy Pty Ltd.
HNRC stock soared about 123% in March on increased volume.
In light of such an announcement, it may be a good idea for investors to perhaps take a closer look into the company and figure out how the acquisition may benefit Houston Natural Resources Corporation. Rhino Energy is based out of Australia but it is involved in the oil and gas sector in North America. The company is led by Tom Fontaine and David Whitby. Whitby had formerly been the Vice President of Heavy Oil for Canada-based Husky Oil and a managing director at Nido Petroleum.
Under the leadership of Whitby, Nido’s market cap grew to $600 million from only $1 million. He had worked in other oil and natural gas companies and projects as well and appears to be a highly seasoned professional in the industry. On the other hand, Fontaine is also a seasoned professional in the oil and natural gas industry and his experience in the space spans a period of more than three decades.
He is also experienced in horizontal well development and CHOPS production. In addition to that, he has also been involved in the establishment of a number of start-ups in the oil and natural gas space and that includes companies like Pure Energy Resources.