HNRC - Houston Natural Resources to acquire Cunningham Energy interests for up to $100M

Houston Natural Resources (OTCPK:HNRC) signed a LOI for a transaction with Cunningham Energy wherein it will form a SPAC with cash and securities for the acquisition of interests with the purpose of acquiring, exploring, and producing oil and gas in U.S. and Canada. The proposed investment is for up to $100M in cash and securities and subject to the competition of due diligence and financing. Under the LOI additional future development funding for up to $600M from SPAC and PIPE follow on transactions are also planned. The parties are committed to closing the transaction on or before June 30, 2022. HNRC will also enter into a separate agreement/and or JV with Viper Capital Partners on a deal-by-deal basis for further development of acreage, minerals, and drilling projects in the lower 48 states, including West Virginia and Texas.

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Houston Natural Resources to acquire Cunningham Energy interests for up to $100M