Updates shareholders on
dividend and listing
HOUSTON, TX -- April 3, 2023 -- InvestorsHub NewsWire -- Houston
Natural Resources Corp. (OTC:
HNRC) ("Company") announced today it has 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. Mr.
Whitby is the former Vice President of Heavy Oil for Husky Oil
in Canada and was the Managing Director of Australian
Stock Exchange ("ASX") listed Nido Petroleum which grew under his
leadership from a market capitalization of (Australian) $1
million to $600 million during which he oversaw the
transitioning of Nido from pure explorer to producer. Mr. Whitby
was also Project Director of the West Java Gas Project with
ConocoPhillips, Vice President of Corporate Development for Gulf
Indonesia and President of Gulf (Australia) Resources Limited. Mr.
Whitby holds a Bachelor of Mechanical Engineering degree from
the Royal Military College of Canada.
Mr. Fontaine has 30 years of industry experience with an
extensive oil and gas background including in primary CHOPS
production and horizontal well development as well as in enhanced
recovery development with Husky in the Cold
Lake and Lloydminster areas of Alberta. Mr.
Fontaine has been the founder or primary partner in numerous
start-ups including Pure Energy Resources, an ASX listed company
which sold for over (Australian) $1 billion. He has also been
a principal in listing several companies on the ASX and has helped
raise over (Australian) $100 million for exploration and
development projects. Mr. Fontaine holds a BSc. in Reservoir
Engineering from the University of Alberta.
Rhino Energy's management team is rounded out by
Messrs. Mike Mason and Gregor Mahwinney. Mr. Mason has
over 35 years of oil and gas experience including as former
Regional Operations Manager for Apache in Egypt and
Engineering VP and Director of Petroleum Engineering in British
Petroleum's Global Upstream Technology Group. Mr. Mahwinney has
over 40 years of petroleum industry experience in both conventional
and non-conventional oil operations. Mr. Mahwinney was a former
Field Manager in the North Sea and Country Manager
in Yemen for Nexen Inc. and the Operations Manager
in Ecuador for Encana. Combined, the Rhino management
team has been involved at a senior level in operated and
non-operated assets in 27 countries and managed production of 1.7
million BOEPD.
The company also announced that it has extended its letter of
intent to acquire the 90.1% interest of Cunningham Energy LLC. The
transaction is expected to be completed in the second quarter.
The company expects the FINRA review to be completed in the near
future providing for the payment of the dividend of Worldwide
Diversified Holdings, Inc ("WDHI") and the public listing of WDHI
in the second quarter.
The company has engaged legal counsel, auditors and an
underwriter for its listing on to NASDAQ which it expects to file
in the second quarter this year.
About Houston Natural Resources Corp
Houston Natural Resources Corp. (OTCMKTS:
HNRC) (www.hnrcholdings.com) is a diversified energy company
with oil and gas interests as well as wastewater treatment
facilities. The Halff Oil Field in Crockett County,
Texas, has 83 oil wells, with estimated 33 million
barrels of oil and water treatment and appraised reserves
of $69 million. The company has acquired a 9.9% interest in
Cunningham Energy LLC with appraised reserves of $352
million. The company will also continue to seek new oil and
gas and wastewater acquisitions as it focuses on creating more
value for HNRC shareholders.
FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties.