HNR Acquisition Corp has successfully completed the acquisition of Pogo Resources, LLC, an oil and natural gas company with a focus on the Permian Basin, as of November 15, 2023. The acquisition was financed through a combination of cash, shares, promissory notes, and a senior secured term loan. In conjunction with the acquisition, HNR Acquisition Corp has entered into several agreements, including a Forward Purchase Agreement, Non-Redemption Agreement, and agreements for registration rights and board nomination rights. Additionally, a Common Stock Purchase Agreement with White Lion Capital, LLC was signed, allowing for the sale of up to $150 million in shares. Now a publicly-traded entity, HNR Acquisition Corp is managing Pogo's assets with an emphasis on developing its oil and...Show More

HNR Acquisition Corp has successfully completed the acquisition of Pogo Resources, LLC, an oil and natural gas company with a focus on the Permian Basin, as of November 15, 2023. The acquisition was financed through a combination of cash, shares, promissory notes, and a senior secured term loan. In conjunction with the acquisition, HNR Acquisition Corp has entered into several agreements, including a Forward Purchase Agreement, Non-Redemption Agreement, and agreements for registration rights and board nomination rights. Additionally, a Common Stock Purchase Agreement with White Lion Capital, LLC was signed, allowing for the sale of up to $150 million in shares. Now a publicly-traded entity, HNR Acquisition Corp is managing Pogo's assets with an emphasis on developing its oil and gas reserves. The company's financial outlook and growth are tied to production volumes, market prices, and operational costs. With a seasoned management team, HNR Acquisition Corp plans to expand through asset development and potential acquisitions. Despite a working capital deficit post-acquisition, the company is taking steps to enhance profitability and has secured hedge positions for its proven reserves. A three-year Common Stock Purchase Agreement with White Lion Capital, LLC is in place, contingent on the effectiveness of the company's Form S-1 Registration Statement by the SEC.