HNR Acquisition Corp (HNRA) has released its annual financial report, revealing key financial metrics and business developments. Financial Performance: The report indicates that HNRA experienced a net loss of $9,001,202 for the period from November 15, 2023, to December 31, 2023, compared to a net income of $4,970,863 for the period from January 1, 2023, to November 14, 2023, and a net income of $18,296,002 for the year ended December 31, 2022. The company's audit fees increased significantly from $107,117 in 2022 to $383,655 in 2023. Additionally, audit-related fees for financial accounting and reporting standards consultations were $241,844 in 2023, a slight decrease from $255,234 in 2022. Business Development: HNRA's business operations include the acquisition, development, exploration, and production of oil and natural gas properties in the Permian Basin. The company focuses on vertical development drilling and has...Show More

HNR Acquisition Corp (HNRA) has released its annual financial report, revealing key financial metrics and business developments. Financial Performance: The report indicates that HNRA experienced a net loss of $9,001,202 for the period from November 15, 2023, to December 31, 2023, compared to a net income of $4,970,863 for the period from January 1, 2023, to November 14, 2023, and a net income of $18,296,002 for the year ended December 31, 2022. The company's audit fees increased significantly from $107,117 in 2022 to $383,655 in 2023. Additionally, audit-related fees for financial accounting and reporting standards consultations were $241,844 in 2023, a slight decrease from $255,234 in 2022. Business Development: HNRA's business operations include the acquisition, development, exploration, and production of oil and natural gas properties in the Permian Basin. The company focuses on vertical development drilling and has properties in the Grayburg-Jackson Field in Eddy County, New Mexico. Future Plans: The company's future plans involve improving profitability through cost streamlining, maintaining active hedge positions for its proven reserve production, and issuing additional shares of Class A common stock. HNRA has a three-year Common Stock Purchase Agreement with a maximum funding limit of $150,000,000 to support operations and production growth, subject to the effectiveness of the company's Form S-1 Registration Statement with the SEC.