Houston Natural Resources Corp (HNRC) has announced the acquisition of Cunningham Energy, an independent oil and gas producer.

The financial value of the cash and securities deal, which increases HNRC’s net asset value to $3.35 per share, was not disclosed.

In October 2022, HNRC acquired a 9.9% stake in Cunningham Energy in a cash and securities deal valued at $19.62m.

Now, HNRC has acquired the remaining 90.1% stake in Cunningham Energy.

Set up in 2008, the acquired company operates and holds oil and gas interests on more than 30,000 net acres of leasehold in the Appalachian Basin.

Through a farm-out agreement, Cunningham Energy of Canada controls Marzcorp’s 75% net revenue interest holding in more than 965,000 acres in the Matapedia Valley, Gaspesie, Quebec, Canada.

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Within the Appalachian Basin, Cunningham Oilfield Services, a unit of Cunningham Energy, offers a range of oilfield services ranging from general well servicing, rigs and equipment to the drilling of and support for horizontal and vertical wells.

According to the revised analysis of Cunningham Energy’s oil and gas assets by an independent engineering company, as of 31 December 2022, Cunningham Energy’s leasehold position is valued at $352m.

HNRC said it will rebrand to Cunningham Natural Resources Corp.

The rebranded entity will concentrate on conventional oil and gas opportunities as well as energy transition materials including copper, lithium, gold, and other valuable and rare earth metals.

Separately, Cunningham Energy will partner on a deal-by-deal basis with Viper Capital Partners.

The alliance is aimed at facilitating the further development of land area, minerals and drilling projects in the lower 48 states including West Virginia, Ohio, Texas, Louisiana and Illinois.