A Houston-based energy company confirmed today that it is targeting acquisitions up to $100 million in the oil and gas sector through its subsidiary. Shares of Houston Natural Resources Corp (OTCPK:HNRC) continued its strong rally following its pop last week.
Houston Natural Resources provides its customers with fresh water and to take in oil-field generated toxic water for treatment and disposal. The company's licensed reclamation plant located in the South Texas region will eliminate harmful disposal methods and reduce costs associated with oil field waste reducing environmental pollution.
Traders were extremely optimistic on the news as shares hit $2.44/share (+28.42%) at the session high. This move is a strong continuation of the possible upward breakout from last week after the company announced the significant deviation from book value to market value of these shares.
