Signs Letter of Intent to pursue India investment opportunities
CHARLESTON, W.Va., May 13, 2025 /PRNewswire/ -- Cunningham Natural Resources Corp. (OTC: CNRC) ("HNRC or the Company") announced results for the quarter ending March 31, 2025:
Financial Results: Q1 2025 ending March 31, 2025, vs Q1 2024 ending March 31, 2024
- Total revenue for three months was $ 3,917,490 vs $4,292,940.
- Total earnings for three months were $ 2,652,116 vs $2,736,961.
- Total assets for the period were $ 73,208,039 vs $83,937,011.
- The company recorded a net asset value (NAV) of $0.18c per share Q1 2025
The Company also disclosed that on April 10, 2025 the company entered into a Letter of Intent ("LOI") to reflect the mutual intentions of the Company and certain partners (collectively the "JV Partners") to collaborate on a current opportunities with the Nation of India and related parties ("Indian Oil Parties") with the objective of securing a long-term relationship between the JV Partners and Indian Oil Parties by partnering with the JV Partners who are in the Oil and Gas business and have existing business experience, resources, technology, operations and Oil & Gas Assets in multiple U.S. regions (the "Project").
The JV Partners agree to cooperate on all reasonable activities required to enter into an agreement with the Indian Oil Partners to facilitate the goals and objectives of the Project including funding of up to $1.0 Billion with up to $50 million of the use of funds earmarked for existing wells and develop new oil wells in West Virginia and similar assets in the United States.
The opportunity comes at a pivotal time as part of broader strategic developments under the India - USA bilateral trade agreement-Mission 500. This initiative aims to increase trade from $190 billion to $500 billion by 2030, including a focus on energy investments in the USA, underscoring the partners' commitment to innovation, international collaboration, and robust economic growth.
Frank Kristan, CEO of CNRC, commented on the strategic move: "Meeting with the partners in New Delhi last month cemented our shared vision for a future where advanced technology and strategic investment will drive the energy sector forward."
About Cunningham Natural Resources Corp
Cunningham Natural Resources Corp (www.cunninghamnaturalresources.com) will be focused on traditional oil and gas opportunities and energy transition materials including mining opportunities in copper, lithium, gold, as well as other precious and rare earth metals. The investment focus will be global with sustainability at the core of the strategy.
FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.
Contact:
Cunningham Natural Resources Corp
500 Virginia Street East, 10th Floor.
Charleston, West Virginia 25301
Phone: (304) 244-4862
E-mail: [email protected]
Twitter: https://twitter.com/CunninghamCorp
SOURCE Cunningham Natural Resources Corp
