At Cunningham Natural Resources (CNR), our efforts span beyond North America, with projects in Africa, South America, and Southeast Asia.
CNRC owns 100% of Cunningham Energy LLC. Cunningham Energy was founded in 2008 for the purpose of acquiring, exploring, and producing oil and gas in the Appalachian, Illinois, and Williston Basins. Cunningham Energy and its affiliates own interests in approximately 600 wells, 170 of which are re-works with a 98% successful completion rate. They were the pioneers of shallow horizontal oil drilling in West Virginia spetrotarting in 2014. The company acquired 30,000 net acres in numerous transactions throughout the Appalachian Basin Acreage acquisition was completed over a 10-year time frame as data emerged. Metrics of shallow oil lease values were increased as drilling progressed, with some cases yielding over 10-12x returns. They acquired and negotiated control of 965,000 net acres in Canada. Negotiated a 75% Net Revenue Interest basis with estimated reserves of more than 500M barrels of oil via an earnout with a Cunningham controlled Canadian entity. An independent engineering firm completed an updated evaluation of the oil & gas assets of Cunningham Energy. The updated independently appraised value of the CE’s leasehold position, as of December 31st, 2022, is $352 million dollars, assuming the current proposed sixty-eight (68) well drilling program is completed. (www.cunninghamenergy.com)
CNRC agreed to purchase up to 19.9% interest in KCC, a copper mining producer located in Morocco. KCC acquired a significant land position of 319 km2 hosting copper ore. KCC inherited significant previous development on its concessions undertaken by the French before Morocco became independent in 1956. The copper ore position has formed the foundation for major development of the copper mining and processing operation to substantially increase reserves and production over time. KCC has an established management and operating team drawing from deep experience led by Scott M. Hand as Executive Chairman of KCC. Mr. Hand was the former Chairman and CEO of Inco Limited, which sold to Brazil’s Vale SA for USD $19 billion in 2006.
CNRC has invested in HNR Acquisition Corp. On February 11, 2022, HNRA closed its initial public offering listing on the NYSE with aggregate proceeds of $86,250,000 (NYSE:HNRA). HNRA is a newly organized blank check company formed for the purpose of effecting a business combination with one or more businesses. While HNRA may pursue an initial business combination target in any business or industry, it intends to focus on assets used in exploring, developing, producing, transporting, storing, gathering, processing, fractionating, refining, distributing, or marketing of natural gas, natural gas liquids, crude oil, or refined products in North America. (www.hnra-nyse.com)
CNRC has acquired a 40% interest in Rhino Energy Pty Ltd (“Rhino”). Rhino has a management team with global operational expertise having operated & non operated assets in 27 countries. The team has managed production of +1.7 million BOE/D. Rhino has assembled a truly world class team that has been involved in some of the most historic oil & gas projects globally over the last 30 years. Rhino is focused on building a material production base through acquisitions in countries and basins where we have a strong track record. It will focus on delivering quality and quantity of news flow to build a positive market sentiment and investor following. Rhino has an initial investment in a junior energy company currently focused on the development of its interests in the Cold Lake and Wabasca areas of Alberta in Canada. (www.rhinoenergy.com.au)
CNRC has a 9% interest in Cunningham Mining Ltd (“CML”). CML has completed the acquisition of the Placer Claims. Known as the ‘Nugget Trap Placer Mine” in the British Columbia Mineral Title registry, it covers 573.7 acres and the accompanying permits and authorizations (“Property”) that is situated within the Skeena Mining Division of British Columbia, Canada, in the area known as BC’s Golden Triangle. A recent independent assay, which includes data from a 25-pit test program, indicated an average of over Au 25.54 grams gold per cubic meter of pay dirt as well as meaningful amounts of silver. CML is in the process of permitting for a 15,000 cubic yard per annum pay dirt mining program with the British Columbia Ministry of Mines.
CNRC owns 15% of CE Energy Sponsors, LLC, which is the sponsor of CE Energy Acquisition Corp (“CEAC”) and has filed a registration statement for a $100 million dollar special purpose acquisition corporation. CEAC intends to focus its search for a target business in the energy industry in North America, Central, and South America. CEAC may also pursue an acquisition opportunity in renewable energy which refers to energy from a source that is sustainable, such as wind, hydropower, geothermal or solar power.
CNRC owns 100% of Worldwide Energy, Inc as a Special Purpose Vehicle to acquire companies in energy and energy services, including energy transition opportunities.
CNRC has a 17% interest in Worldwide Diversified Holdings, Inc (“WDHI”) as a result of the spinoff of the company’s non-energy assets. WDHI is looking to acquire a diversified portfolio of minority and controlling interests in businesses that WDHI believes (i) operate in industries with long-term growth opportunities, (ii) face minimal threats of technological or competitive obsolescence, and (iii) have strong management teams largely in place. WDHI will offer shareholders a unique opportunity of investments in diversified sectors. (www.wdhinc.net)