HNR Acquisition (NYSE American: HNRA), a special purpose acquisition company prior to today, has completed its business combination with Pogo Resources LLC and Pogo subsidiaries. According to the announcement, HNRA has completed its business combination through acquisition of all equity interests in Pogo Resources LLC and its subsidiaries, including interests in the Grayburg-Jackson oil field in the prolific Permian Basin in Eddy County, New Mexico. The company noted that the Northwest Shelf contains the largest recoverable reserves among all the unconventional basins in the United States, and Pogo’s holdings include 13,700 contiguous leasehold acres, 343 producing wells and 207 injection wells for a total of 550 wells. HNRA management worked hard to identify the right combination, and “Pogo Resources LLC fit all of our criteria for revenues, earnings,” a company official stated. “We believe that there is a significant upside to grow the company and expand the revenues and profits.”
The announcement also noted that the company is aggressively looking to acquire working interests in substantial resources in the Permian Basin in an effort to expand the Grayburg-Jackson Field by focusing on acquisitions that complement the company’s current footprint in the Permian Basin. “In all the years I have worked in the petroleum industry, I have never seen such upside potential in one field as I see in the Grayburg-Jackson Field,” said HNRA CEO Dean Rojas in the press release. “Not only do I believe we will be increasing production by at least two and a half times to approximately 4,000 barrels a day in 36 months, but there is potential at deeper levels in the field. Our research indicates that the stacked-play potential of the Northwest Shelf of the Permian Basin, combined with favorable drilling economics, supports our findings that by continuing to improve our leasehold position, well-spacing and completions, we will recover a greater portion of oil from the reserves. In addition, we have a superior management and operating team with many years of experience in the petroleum industry.”
To view the full press release, visit https://ibn.fm/8sanf
About HNR Acquisition Corporation
HNRA was a blank check company, otherwise known as a special purpose acquisition company, or SPAC, before today. The company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. HNRA’s stock will continue to trade on the NYSE American Stock Exchange. For more information on the company, visit www.HNRA-NYSE.com.
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