HNR Acquisition Corp Announces Completion Of Its Business Combination By Acquisition Of Pogo Resources, LLC And Its Subsidiaries; HNRA begins Managing And Operating The Grayburg-Jackson Oil Field
Portfolio Pulse from Benzinga Newsdesk
HNR Acquisition Corp (NYSE:HNRA) has completed its acquisition of Pogo Resources, LLC, gaining control of the Grayburg-Jackson oil field in the Permian Basin. The field has significant production potential, with plans to increase output from 1,400 to 4,000 barrels per day in three years. Pogo's assets include 13,700 acres, 343 producing wells, and 207 injection wells. Pogo generated $35 million in revenue in 2022. HNRA's management team, with extensive industry experience, aims to grow the company and expand revenues and profits through strategic acquisitions and a hedging program to protect profits.
November 15, 2023 | 8:20 pm
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POSITIVE IMPACT
HNR Acquisition Corp has acquired Pogo Resources, LLC, which includes the promising Grayburg-Jackson oil field. The acquisition is expected to significantly increase production and revenues, with a positive outlook for growth and profitability.
The acquisition of Pogo Resources by HNRA is a significant strategic move that adds valuable assets and production capabilities. The positive outlook on increasing production and the experienced management team suggest a potential increase in HNRA's stock price in the short term. The company's plans for further acquisitions and a hedging program to protect profits reinforce the positive impact on the stock. However, the actual impact will depend on market conditions and the successful integration of the acquisition.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100